SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2023

SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI) (FOREIGN PORTFOLIO INVESTORS) (AMENDMENT) REGULATIONS, 2023

No. SEBI/LAD-NRO/GN/2023/128.—In exercise of the powers conferred by sub-section (1) of Section 30 read with sub-section (1) of Section 11, clause (ba) of sub-section (2) of section 11 and sub-sections (1) and (1A) of Section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), and under Section 25 of the Depositories Act, 1996 (22 of 1996), the Securities and Exchange Board of India 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) (Amendment) Regulations, 2023.
   
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 Portfolio Investors) Regulations, 2019, –
   
   I. In regulation 3, –
   
   i. in sub-regulation (2),
   a. afterthewords“Form”andbeforethewords“specified by the Government or the Board from time to time”,thewords“and manner”shall be inserted.
   b. after the words “Part A of the Second Schedule”, the words “and any documents in the manner specified by the Board from time to time” shall be inserted.
   
   II. In regulation 22,
   
   i. in sub-regulation (1), in clause (b), the word “forthwith” shall be substituted with the words and symbol “as soon as possible but not later than seven working days,”.
   
   ii. in sub-regulation (1), clause (c) shall be substituted with the following, namely,-
   “(c) as soon as possible but not later than seven working days, inform the Board and designated depository participant in writing, if there is any material change in the information including any direct or indirect change in its structure or ownership or control or investor group previously furnished by him to the Board or designated depository participant;”
   
   iii. in sub-regulation (1), in clause (e), the word “forthwith” shall be substituted with the words and symbol “as soon as possible but not later than seven working days,”.
   
   iv. in sub-regulation (1), after clause (k), the following clause shall be inserted, namely, –
   “(l) ensure that accurate details regarding its investor group are maintained with its designated depository participant at all times.”
   v. sub-regulation (5) shall be substituted with the following namely,-
   “(5) In case of any direct or indirect change in structure or common ownership or control of the foreign portfolio investor or investor group, it shall,as soon as possible but not late than seven working days, bring the same to the notice of its designated depository participant.”
   
   III. In regulation 31, in sub-regulation (1)
   
   i. in clause (b), the word “forthwith” shall be substituted with the words “as soon as possible but not later than two working days”.
   ii. in clause (c), the word “forthwith” shall be substituted with the words and symbol “as soon as possible but not later than two working days,”.
   iii. in clause (g), the word “forthwith” shall be substituted with the words “as soon as possible but not later than two working days,”

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