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SECURITIES AND EXCHANGE BOARD OF INDIA

NOTIFICATION

Mumbai, the 26th October, 2021

SECURITIES AND EXCHANGE BOARD OF INDIA (FOREIGN PORTFOLIO INVESTORS)
(SECOND AMENDMENT) REGULATIONS, 2021

No. SEBI/LAD-NRO/GN/2021/54.—In exercise of the powers conferred by section 30 read with clause (c) of sub-section (2) of section 11 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 Portfolio Investors) Regulations, 2019, namely–

1. These Regulations may be called the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2021.

2. They shall come into force on the date of their publication in the Official Gazette.

SEBI (Foreign Portfolio Investors) (Second Amendment) Regulations, 2021

3. In the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019, –

I. In clause (c) of regulation 4,

i. in clause (ii) of the first proviso, the symbol “;” shall be substituted with the symbol “:”.

ii. after the first proviso, the following proviso shall be inserted, namely, –

“Provided further that resident Indian, other than individuals, may also be constituents of the applicant, subject to the following conditions, namely –

i. the applicant is an Alternative Investment Fund setup in the International Financial Services Centres and regulated by the International Financial Services Centres Authority;

ii. such resident Indian, other than individuals, is a Sponsor or Manager of the applicant; and

iii. the contribution of such resident Indian, other than individuals, shall be up to-

a. 2.5% of the corpus of the applicant or US $ 7,50,000 (whichever is lower), in case the applicant is a Category I or Category II Alternative Investment Fund; or

b. 5% of the corpus of the applicant or US $ 1.5 million (whichever is lower), in case the applicant is a Category III Alternative Investment Fund;”

AJAY TYAGI, Chairman
[ADVT.-III/4/Exty./377/2021-22]

Footnote:

1. The Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 were published in the Gazette of India on September 23, 2019 vide No. SEBI/LAD-NRO/GN/2019/36.

2. The Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 were subsequently amended on, –

(1) 19th December, 2019 by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2019 vide No. SEBI/LAD-NRO/GN/2019/44.

(2) 7th April, 2020 by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2020 vide No SEBI/LAD-NRO/GN/2020/09.

(3) 17th April, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/10.

(4) 3rd August, 2021, by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021, vide No. SEBI/LAD-NRO/GN/2021/30.

(5) 3rd August, 2021 by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/32.

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