SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2021
The SEBI has notified a new set of regulations to amend the existing SEBI (Foreign Portfolio Investors) Regulations, 2019 which shall come into force as on the date of its publication in the Official Gazette.
|1|| Substitution: Regulation 4(c)
non-resident Indians or overseas citizens of India or resident Indian individuals may be constituents of the applicant provided they meet the conditions specified by the Board from time to time:
Provided that resident Indian other than individuals, may also be constituents of the applicant, subject to the following conditions, namely –
i. such resident Indian, other than individuals, is an eligible fund manager of
the applicant, as provided under sub-section (4) of section 9A of the Income Tax Act, 1961 (43 of 1961); and
ii. the applicant is an eligible investment fund as provided under sub-section (3) of section 9A of the Income Tax Act, 1961 (43 of 1961) which has been granted approval under the Income Tax Rules, 1962;
|Proviso is added to allow resident Indian other than individuals to become a constituent of applicant subject to conditions prescribed therein.|
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