Karnataka HC Directs Authorities to Not Grant Permission for Construction Near Protected Monuments  ||  Delhi HC Sets Aside Ruling to the Extent of Restraining Indiamart to Provide ‘PUMA’ Search Option  ||  HP HC Grants Bail to NDPS Accused Citing Delay in Initiating Trial Proceedings  ||  Madras HC: Certification of an Entire Film Cannot be Denied Without Specifying the Objections  ||  J&K HC: Mere Registration of Criminal Case Doesn’t Constitute ‘Criminal Proc.’ for Impounding Passpor  ||  SC Refuses to Entertain Urgent Hearing of Plea Against Felling 875 Trees in HP  ||  SC Refuses to Stop Incineration of Toxic Chemical Waste from Bhopal Gas Tragedy  ||  SC Declines to Interfere with HC’s Order to Decide Schedule for Tiruchendur Temple Consecration  ||  Delhi High Court Grants Interim Relief to Mokobara in Trademark Case  ||  Delhi HC: Students Shouldn’t be Excluded from Admission because of Untimely Declaration of Results    

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 2025 - All Rights Reserved