INDIA BUSINESS WORLD - MAY 11th - MAY 31st - 2008
SEBI AMENDS FOREIGN INSTITUTIONAL INVESTORS REGULATIONS ACT, 1995
Indian equity monetary body Securities and Exchange Board of India (SEBI) has amended SEBI (Foreign Institutional Investors) Regulations Act of 1995.
Through the amendment, the policy measures on Offshore Derivative Instruments (Participatory Notes) and changes to the registration criteria have been incorporated in the regulations, a release said.
In order to streamline the process of registration, the Application Forms for grant of registration as a FII and Sub Account have been modified.
An asset management company, investment manager or advisor or an institutional portfolio manager set up and/ or owned by non resident Indians (NRIs) shall be eligible to be registered as FII, subject to the condition that they shall not invest their proprietary funds. This has been enabled by suitable modification to Explanation II, under Regulation 13 of the said regulations.
The type of securities in which FIIs are permitted to invest has also been widened to include schemes floated by a Collective Investment Scheme, the release added.
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