IMD DEPARTMENT

Web-site: www.sebi.gov.in

Fax No: 91 22 22829520

CircularNo. IMD/FII/12/2004

January 1 , 2004

To

All Foreign Institutional Investors andCustodians of Securities

Dear Sir/Madam,

Sub: Registration/Renewal of Foreign Institutional Investors and Sub Accounts

Reserve Bank of India(RBI) vide A.P.(DIR Series) Circular No. 53 dated December 17, 2003 has announced its decision to do away with the requirement of obtaining clearance from RBI and SEBI separately. Henceforth, authorized dealers have been allowed, through general permission , to open bank account (either in foreign currency and/or in rupees) for an FII that has been already been registered with SEBI.

Accordingly, with a view to further streamlining the process of registration of FIIs, it has been decided that all prospective FII applicants shall submit the fees as prescribed in the SEBI(Foreign Institutional Investor) Regulations, 1995 along with the application. Similarly, those FIIs/sub-accounts who wish to renew their registration shall also submit the fees as prescribed in the SEBI (Foreign Institutional Investor) Regulations, 1995 along with the application for renewal.

A copy of the circular is available at the web page “Foreign Institutional Investors” on our website www.sebi.gov.in . The custodians are requested to bring the contents of this circular to the notice of their FII clients.

Yours faithfully

D. Chanda
Chief General Manager

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