{"id":252247,"date":"2021-08-04T16:30:35","date_gmt":"2021-08-04T11:00:35","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=252247"},"modified":"2021-08-04T15:31:26","modified_gmt":"2021-08-04T10:01:26","slug":"sebi-nri-or-oci-could-be-constituents-of-applicant-under-sebi-foreign-portfolio-investors-amendment-regulations-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/04\/sebi-nri-or-oci-could-be-constituents-of-applicant-under-sebi-foreign-portfolio-investors-amendment-regulations-2021\/","title":{"rendered":"SEBI | NRI or OCI could be constituents of applicant under SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">SEBI has issued Securities and Exchange Board of India (Foreign Portfolio Investors) Amendment Regulations, 2021 on August 3, 2021. The amendment makes changes to the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 in the following manner\u2013<\/p>\n<p style=\"text-align: justify;\">Regulation 4(c) has been substituted, stating NRI or OCI or Resident Indian Individuals could be a part of the applicant provided they meet the conditions specified by the Board. In cases of Resident Indian other than individuals, they could be the constituents of the applicant if such person is a fund manager of the applicant or the applicant is an eligible investment fund approved under Income Tax Rules, 1962.<\/p>\n<p style=\"text-align: justify;\">The new Regulation 4, clause (c) has been put forth herein below:<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #008080;\"><em>\u201c(c) non-resident Indians or overseas citizens of India or resident Indian individuals may be constituents of the applicant provided they meet the conditions specified by the Board from time to time<\/em><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #008080;\"><em>Provided that resident Indian other than individuals, may also be constituents of the applicant, subject to the following conditions, namely \u2013<\/em><\/span><\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"text-align: justify;\"><span style=\"color: #008080;\"><em>such resident Indian, other than individuals, is an eligible fund manager of the applicant, as provided under sub-section (4) of section 9A of the Income Tax Act, 1961 (43 of 1961); and<\/em><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #008080;\"><em>the applicant is an eligible investment fund as provided under sub-section (3) of section 9A of the Income Tax Act, 1961 (43 of 1961) which has been granted approval under the Income Tax Rules, 1962\u201d.<\/em><\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<hr \/>\n<p><span style=\"color: #0000ff;\">*Tanvi Singh, Editorial Assistant has reported this brief.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEBI has issued Securities and Exchange Board of India (Foreign Portfolio Investors) Amendment Regulations, 2021 on August 3, 2021. The amendment makes <\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-252247","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEBI | NRI or OCI could be constituents of applicant under SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2021 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/04\/sebi-nri-or-oci-could-be-constituents-of-applicant-under-sebi-foreign-portfolio-investors-amendment-regulations-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEBI | NRI or OCI could be constituents of applicant under SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2021\" \/>\n<meta property=\"og:description\" content=\"SEBI has issued Securities and Exchange Board of India (Foreign Portfolio Investors) Amendment Regulations, 2021 on August 3, 2021. 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Under Regulation 2, the amendment has defined the term \u201cAlternative Investment Fund\u201d, \u201cCo-investment Portfolio Manager\u201d, \u201cinvestee company \u201cand \u201cSponsor\u201d. 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