CHIEF GENERAL MANAGER
INVESTMENT MANAGEMENT DEPARTMENT
Circular No. IMD/CUST/15/2004
April 02, 2004
All Foreign Institutional Investors and Custodians of Securities
Dear Sir / Madam,
Sub: Reporting of Offshore Derivative Instruments by Registered Foreign Institutional Investors (FII).
Vide circular IMD/CUST/8/2003 dated August 08, 2003 , SEBI advised all FIIs issuing offshore derivative/financial instruments against underlying Indian securities to report issuance / renewal / cancellation / redemption of the aforesaid instruments to SEBI as per the format prescribed in the said circular. The report had to be submitted every fortnight. It has now been decided to change the frequency of submission of the report from fortnightly to monthly. Henceforth FII / Sub-accounts will be required to submit the report in the prescribed format on a monthly basis by the 7th of the following month. The first such monthly report shall commence for the month of April 2004 and shall be submitted by the 7th of May, 2004.
Further, in accordance with Circular No. IMD/CUST/9/2003 dated November 20, 2003 the FIIs who do not have any outstanding off-shore derivatives are required to submit a statement of ‘Nil’ report once in a quarter. It has now been decided to dispense with “Nil” reporting by those FIIs / Sub-accounts. Therefore, FIIs who have not traded and have no outstanding investments in Indian securities during a particular month (reporting period) will henceforth not be required to submit ” Nil” Reports for the month.
Additionally, the reporting format (Annexure B) has been modified by inserting a new column B1 titled “Name and jurisdiction of the regulator by whom the offshore derivatives holder is regulated” in Annexure B. The modification is consequential to insertion of Regulation 15 A in the Securities and Exchange Board of India (FII) Regulations, 1995. The modified format for reporting is enclosed and supercedes the previous reporting format prescribed in Annexure B in our Circular No. IMD/CUST/8/2003 dated August 08, 2003 .
The aforesaid report in the modified format should be submitted by email to email id: ODIreporting@sebi.gov.in .
These instructions are issued under Regulation 20A of SEBI (Foreign Institutional Investors) Regulations, 1995 and shall come in force with immediate effect.
A copy of the circular is available at the web page “Foreign Institutional Investors” on our website www.sebi.gov.in.