SECURITIES AND EXCHANGE BOARD OF INDIA
Foreign Institutional Investors Division
FITTC Department
E- MAIL :santoshk@sebi.gov.in
WEB-SITE:www.sebi.gov.in
FAX NO: 00 91 22 2845776
FITTC/FII/CUST/1 24985/2002
December 20,2002
To
Foreign Institutional Investors and Custodians of Securities
Dear Sir / Madam,
Sub: Amendment to SEBI (FII) Regulations 1995
Consequent upon amendment to SEBI ( Foreign Institutional Investors) Regulations, 1995
1. FII registration /renewal fees have been reduced from US$ 10,000 to US $ 5,000/. Further, documentation required to be enclosed along with FII registration/ renewal applications have also been simplified and curtailed.
2. A copy of the gazette notification published in Gazette of India no. S.O.1292 (E) dated June 10, 2002 is enclosed fore your information and records.
3. The custodian of securities is requested to bring the contents of this circular to the notice of their constituents /clients.
Please acknowledge receipt Yours faithfully,
Santosh Sharma
Asst. General Manager
THE GAZETTE OF INDIA
EXTRAORDINARY
PART –II – SECTION 3 – SUB SECTION (ii)
PUBLISHED BY AUTHORITY
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 10th December, 2002
SECURITIES AND EXCHANGE BOARD OF INDIA
(FOREIGN INSTITUTIONAL INVESTORS) (AMENDMENT) REGULATIONS, 2002
S.O No. 1292(E). In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995, namely :-
1. These Regulations may be called the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2002.
2. They shall come into force on the date of their publication in the Official Gazette. 3. In the First Schedule, in Form A, in the Annexure, for clauses (a) to (d) the follwoig shall be substituted, namely:
“(a) Certified copy of the relevant clauses or articles of the Memorandum and Articles of Association or the agreement authorizing the applicant to invest on behalf of its clients.
(b) Audited financial statements and annual reports for the last one year, provided that the period covered shall not be less than twelve months.
(c) A declaration by the applicant with registration number and other particulars in support of its registration or regulation by a Securities Commission or Self Regulatory Organization or any other appropriate regulatory authority with whom the applicant is registered in its home country.
(d) A declaration by the applicant that it has entered into a custodian agreement with a domestic custodian together with particulars of the domestic custodian.“
4. In the Second Schedule, in paragraph (1), for the words and figures “US $ 10,000/-“the words and figures “US $ 5,000/-“shall be substituted.
[F. No.SE B I/LE/24033/2002]
G.N.BAJ PAI
Chairman
Footnotes:
1. The Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995 was published in the Gazette of India on November 14, 1995 vide No.SEBI/LE/91 8(E).
2. The Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995 was subsequently amended –
a. on October 9, 1996 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 1996 vide S.O. No.702(E).
b. on November 19, 1996 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Second Amendment) Regulations, 1996 vide S.O. No.799(E).
c. on February 12, 1997 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 1997 vide S.O. No.1 05(E).
d. on July 10, 1997 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Second Amendment) Regulations, 1997 vide S.O. No.495(E).
e. on December 5, 1997 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Third Amendment) Regulations, 1997 vide S.O. No.823(E).
f. on April 20,1998 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 1998 vide S.O. No.333(E).
g. on May 18, 1998 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Second Amendment) Regulations, 1998 vide S.O. No.41 7(E).
h. on June 30, 1998 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Third Amendment) Regulations, 1998 vide S.O. N o.545(E).
i. on April 16, 1999 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 1999 vide S.O. No.263(E).
j. on August 26, 1999 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Second Amendment) Regulations, 1999 vide S.O. No.688(E).
k. on February 29, 2000 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2000 vide S.O. No.1 80(E).
l. on March 28, 2000 by the Securities and Exchange Board of India (Appeal to the Securities Appellate Tribunal) (Amendment) Regulations, 2000 vide S.O. No.278(E).
m. on October 20, 2000 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Second Amendment) Regulations, 2000 vide S.O. N o.946(E).
n. on February 13, 2001 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2001 vide S.O. No.1 28(E).
o. on May 29, 2001 by the Securities and Exchange Board of India (Investment Advice by Intermediaries) (Amendment) Regulations, 2001 vide S.O. No.476(E).
p. on September 27, 2002 by the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 vide S.O. No.1045(E).
