NEW DELHI, MAY 22, 2008
MUMBAI, the 22nd May, 2008

Securities and Exchange Board of India
(Foreign Institutional Investors) (Amendment) Regulations, 2008

F. No. LAD-NRO/GN/2008/10/126204. – 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, 2008.

2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995 –

(i) in regulation 2,

(a) for clause (k), the following clause shall be substituted, namely:- “(k) “sub-account” means any person resident outside India, on whose behalf investments are proposed to be made in India by a foreign institutional investor and who is registered as a sub-account under these regulations.”

(b) after sub-regulation (1), the following sub-regulation shall be inserted, namely-

“(2) All other words and expressions used but not defined in these regulations, but defined in the Act or in the Companies Act, 1956 or in Securities Contracts (Regulation) Act, 1956 or in the Depositories Act, 1996 or under the Foreign Exchange Management Act, 1999 (42 of 1999) or the Rules and the Regulations made thereunder shall have the same meanings respectively assigned to them in such Acts or the Rules or the Regulations or any statutory modification or re-enactment thereto, as the case may be.”

(ii) in regulation 6, in sub-regulation (1) –

(a) after clause (a), the following provisos shall be inserted, namely:- “Provided that in case of a newly established fund, the track record of the investment manager of the fund who has promoted it may be taken into consideration:

Provided further that such investment manager shall furnish the details in respect of disciplinary action, if any, taken against it.”

(b) after clause (b), the following proviso shall be inserted, namely:-

“Provided that university funds, endowments, foundations, charitable

trusts and charitable societies may be considered for registration even

though they are not regulated by a foreign regulatory authority;” (c) in clause (d), –

(A) in sub-clause (ia), after the words ‘Foreign Governmental Agency’ the words ‘Sovereign Wealth Fund’ shall be inserted;

(B) in sub-clause (ii), the words and comma “nominee company,” shall be omitted;

(C) for sub-clause (iii), the following sub-clause shall be substituted, namely:-

“(iii) a trustee of a trust established outside India and proposing to make investments in India on behalf of broad based funds and its proprietary funds, if any;”

(D) in sub-clause (iv), in proviso, after para (d), the following para shall be inserted, namely:-

“(e) whether the applicant has been serving public interest.”

(E) in the Explanation and in the second proviso thereto, for the words ‘ten per cent.’ wherever they occur, the words ‘forty nine per cent.’ shall be substituted;

(F) in the Explanation, in the second proviso the word “or” occurring at the end shall be omitted;

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