SC: Confirmation of an Auction Sale Does Not Bar Judicial Scrutiny of Reserve Price Valuation  ||  Supreme Court Sets Aside Conviction of Four Men in a 1998 Gang Rape Case  ||  Supreme Court: Privy Purse Privileges of Princely Rulers are Not Enforceable Legal Rights  ||  Delhi HC: Repeated Court Summons May Distress and Re-Traumatize Child Sexual Assault Victims  ||  Jammu and Kashmir High Court: Labeling Someone as a Terrorist Associate Amounts to Defamation  ||  Delhi HC: Setting Aside or Altering a Judge’s Order by a Higher Court Doesn’t Affect Their Integrity  ||  Delhi High Court: Accused Cannot be Faulted For Smart Replies; Interrogator Must be Sharper  ||  Supreme Court: Belated Jurisdictional Challenge Impermissible After Participation in Arbitration  ||  Supreme Court: Failure to Prove Specific Overt Acts of Each Unlawful Assembly Member Not Fatal  ||  Supreme Court: Parental Salary Alone Cannot Determine OBC Creamy Layer Status    

Know Your Client (KYC) Requirements for Foreign Portfolio Investors (FPIs)- (Securities and Exchange Board of India) (21 Aug 2018)

MANU/SPRL/0036/2018

Capital Market

SEBI had issued circular No. CIR/IMD/FPIC/CIR/P/2018/64 dated April 10, 2018 in order to strengthen know your client (KYC) framework for foreign portfolio investors (FPIs) in accordance with Prevention of Money-laundering (Maintenance of Records) Rules, 2005 (PMLA Rules). Accordingly, existing FPIs were provided a time frame of six months from the date of circular to comply with the requirements stipulated therein.

SEBI has received representations from some market participants in relation to the circular, inter-alia, seeking review and additional time for complying with the said circular.

In this regard, stakeholders may note that there is already a working group under the Chairmanship of Shri H.R. Khan, Deputy Governor (Retired), Reserve Bank of India with the following terms of reference:-

1. To advise SEBI on redrafting the FPI Regulations for simplification.

2. To advise SEBI on incorporating the provisions contained in the circulars, FAQs and Operational Guidelines issued by SEBI concerning FPIs, in the regulations itself, to the extent possible.

3. To advise on any other issue relevant to Foreign Portfolio Investors.

The working group was constituted by SEBI on March 26, 2018.

This working group will now also look into the various issues raised in the representations in relation to the circular dated April 10, 2018. Further appropriate view in the matter would be taken after receiving the recommendations of the working group. In the meanwhile, it has been decided to extend the time frame for compliance with the said circular upto December 31, 2018. The relevant circular dated August 21, 2018 is available at the web page "Circulars" on website.

Tags : KYC   REQUIREMENTS   PORTFOLIO INVESTORS  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved