SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI) (FOREIGN PORTFOLIO INVESTORS) (AMENDMENT) REGULATIONS, 2022- NOTIFICATION
No. SEBI/LAD-NRO/GN/2022/64.—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, and under Section 25 of the Depositories Act, 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,—
- These Regulations may be called the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2022.
- They shall come into force on the date of their publication in the Official Gazette.
- In the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019,—
I. In sub-regulation (1) of regulation 7, the words “National Securities Depositories Limited” shall be substituted with the word “the Board”.
II. In Chapter VIII-A, after regulation 43A, the following regulation shall be inserted, namely,–
“Exemption from strict enforcement of the regulations in other cases.
43B. (1) The Board may suo motu or on an application made by a foreign portfolio investor, for reasons recorded in writing, grant relaxation from the strict enforcement of any of the provisions of these regulations, subject to such conditions as the Board deems fit to impose in the interests of investors and the securities market and for the development of the securities market, if the Board is satisfied that:
(a) the non-compliance is caused due to factors beyond the control of the entity; or
(b) the requirement is procedural or technical in nature.
(2) The application referred to under sub-regulation (1) shall be accompanied by a non-refundable fee of US $ 1,000 payable by way of NEFT/ RTGS/ IMPS or any other mode allowed by the Reserve Bank of India in the designated bank account of the Board.”
Footnote:
- The Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 were published in the Gazette of India on September 23, 2019 vide No. SEBI/LAD-NRO/GN/2019/36.
- The Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 were subsequently amended on, –
(1) 19th December, 2019 by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2019 vide No. SEBI/LAD-NRO/GN/2019/44.
(2) 7th April, 2020 by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2020 vide No SEBI/LAD-NRO/GN/2020/09.
(3) 17th April, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/10.
(4) 3rd August, 2021, by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021, vide No. SEBI/LAD-NRO/GN/2021/30.
(5) 3rd August, 2021 by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/32.
(6) 26th October, 2021 by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/54.
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