{"id":287050,"date":"2023-03-17T13:00:50","date_gmt":"2023-03-17T07:30:50","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=287050"},"modified":"2023-03-16T16:28:51","modified_gmt":"2023-03-16T10:58:51","slug":"securities-and-exchange-board-of-india-notified-sebi-foreign-portfolio-investors-amendment-regulations-legal-research-legal-update-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/17\/securities-and-exchange-board-of-india-notified-sebi-foreign-portfolio-investors-amendment-regulations-legal-research-legal-update-legal-news\/","title":{"rendered":"General Obligations and Responsibilities of FPIs and DDPs revised vide SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2023"},"content":{"rendered":"<p><script type=\"text\/javascript\">\n\tdocument.title = 'SEBI (Foreign Portfolio Investors) Regulations, 2019 revised | SCC Blog'\n\tdocument.querySelector('meta[name=\"description\"]').setAttribute(\"content\", \"SEBI FPI Regulations revises obligations and responsibilities of FPIs and DDPs via SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2023.\");\n<\/script><\/p>\n<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 15-3-2023, the Securities and Exchange Board of India (&#8216;SEBI&#8217;) notified the SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2023 to amend the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-9000869543\">SEBI (Foreign Portfolio Investors) Regulations, 2019<\/a>.<\/p>\n<p style=\"font-weight: bold;\">Key Points:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p style=\"margin-bottom: 3%;\">A new clause has been inserted in Regulation 22 providing that the Foreign Portfolio Investor (&#8216;FPI&#8217;) must ensure that accurate details regarding its investor group are always maintained with its Designated Depository Participant (&#8216;DDPs&#8217;).<\/p>\n<\/li>\n<table style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; border-right-style: solid; border-collapse: collapse; border-top-width: 0.5pt; border-top-style: solid; margin-left: 0.09mm; margin-right: auto; table-layout: fixed; width: 165.11mm; margin-bottom: 3%;\">\n<colgroup>\n<col width=\"128\">\n<col width=\"128\">\n<col width=\"194\">\n<col width=\"174\">\n<\/colgroup>\n<tbody>\n<tr>\n<td valign=\"top\" colspan=\"1\" rowspan=\"\" style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; border-right-style: solid; border-top-width: 0.5pt; border-top-style: solid; padding-bottom: 0.0mm; padding-left: 1.91mm; padding-right: 1.91mm; padding-top: 0.0mm; vertical-align: top; width: 33.87mm;\">\n<p style=\"line-height: normal; text-align: center; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;\">Description<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" rowspan=\"\" style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; border-right-style: solid; border-top-width: 0.5pt; border-top-style: solid; padding-bottom: 0.0mm; padding-left: 1.91mm; padding-right: 1.91mm; padding-top: 0.0mm; vertical-align: top; width: 33.87mm;\">\n<p style=\"line-height: normal; text-align: center; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;\">Regulation<\/p>\n<p style=\"line-height: normal; text-align: center; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;\" \/>\n<\/td>\n<td valign=\"top\" colspan=\"1\" rowspan=\"\" style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; border-right-style: solid; border-top-width: 0.5pt; border-top-style: solid; padding-bottom: 0.0mm; padding-left: 1.91mm; padding-right: 1.91mm; padding-top: 0.0mm; vertical-align: top; width: 51.31mm;\">\n<p style=\"line-height: normal; text-align: center; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;\">Previous<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" rowspan=\"\" style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; border-right-style: solid; border-top-width: 0.5pt; border-top-style: solid; padding-bottom: 0.0mm; padding-left: 1.91mm; padding-right: 1.91mm; padding-top: 0.0mm; vertical-align: top; width: 46.06mm;\">\n<p style=\"line-height: normal; text-align: center; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;\">Now<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" colspan=\"1\" rowspan=\"\" style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; border-right-style: solid; border-top-width: 0.5pt; border-top-style: solid; padding-bottom: 0.0mm; padding-left: 1.91mm; padding-right: 1.91mm; padding-top: 0.0mm; vertical-align: top; width: 33.87mm;\">\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\"> 1. <span style=\"font-weight: bold;\">General obligations and responsibilities of foreign portfolio investors.<\/span><\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" rowspan=\"\" style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; border-right-style: solid; border-top-width: 0.5pt; border-top-style: solid; padding-bottom: 0.0mm; padding-left: 1.91mm; padding-right: 1.91mm; padding-top: 0.0mm; vertical-align: top; width: 33.87mm;\">\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\">Reg. 22 (1) (b)<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" rowspan=\"\" style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; border-right-style: solid; border-top-width: 0.5pt; border-top-style: solid; padding-bottom: 0.0mm; padding-left: 1.91mm; padding-right: 1.91mm; padding-top: 0.0mm; vertical-align: top; width: 51.31mm;\">\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\">The FPI was supposed to <span style=\"font-weight: bold;\">immediately<\/span> inform the Board and designated depository participant in writing, if any information or particulars previously submitted to the Board or DDP were found to be false or misleading, in any material respect<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" rowspan=\"\" style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; border-right-style: solid; border-top-width: 0.5pt; border-top-style: solid; padding-bottom: 0.0mm; padding-left: 1.91mm; padding-right: 1.91mm; padding-top: 0.0mm; vertical-align: top; width: 46.06mm;\">\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\">The FPI has to do the same as soon as possible but <span style=\"font-weight: bold;\">not later than 7 working days<\/span>.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" colspan=\"1\" rowspan=\"\" style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; border-right-style: solid; border-top-width: 0.5pt; border-top-style: solid; padding-bottom: 0.0mm; padding-left: 1.91mm; padding-right: 1.91mm; padding-top: 0.0mm; vertical-align: top; width: 33.87mm;\">\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\" \/>\n<\/td>\n<td valign=\"top\" colspan=\"1\" rowspan=\"\" style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; border-right-style: solid; border-top-width: 0.5pt; border-top-style: solid; padding-bottom: 0.0mm; padding-left: 1.91mm; padding-right: 1.91mm; padding-top: 0.0mm; vertical-align: top; width: 33.87mm;\">\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\">Reg. 22 (5)<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" rowspan=\"\" style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; border-right-style: solid; border-top-width: 0.5pt; border-top-style: solid; padding-bottom: 0.0mm; padding-left: 1.91mm; padding-right: 1.91mm; padding-top: 0.0mm; vertical-align: top; width: 51.31mm;\">\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\">In case of any direct or indirect change in structure or common ownership or control of the foreign portfolio investor, FPI should <span style=\"font-weight: bold;\">immediately<\/span> bring the same to the notice of its designated depository participant.<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" rowspan=\"\" style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; border-right-style: solid; border-top-width: 0.5pt; border-top-style: solid; padding-bottom: 0.0mm; padding-left: 1.91mm; padding-right: 1.91mm; padding-top: 0.0mm; vertical-align: top; width: 46.06mm;\">\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\">In case of any direct or indirect change in structure or common ownership or control of the foreign portfolio investor <span style=\"font-weight: bold;\">or investor group<\/span>, FPI should, <span style=\"font-weight: bold;\">as soon as possible but not later than 7 working days<\/span>, bring the same to the notice of its designated depository participant.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" colspan=\"1\" rowspan=\"\" style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; border-right-style: solid; border-top-width: 0.5pt; border-top-style: solid; padding-bottom: 0.0mm; padding-left: 1.91mm; padding-right: 1.91mm; padding-top: 0.0mm; vertical-align: top; width: 33.87mm;\">\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\"><span style=\"font-weight: bold;\">2. Obligations and responsibilities of designated depository participants<\/span>.<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" rowspan=\"\" style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; border-right-style: solid; border-top-width: 0.5pt; border-top-style: solid; padding-bottom: 0.0mm; padding-left: 1.91mm; padding-right: 1.91mm; padding-top: 0.0mm; vertical-align: top; width: 33.87mm;\">\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\">Reg. 31 (1) (b)<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" rowspan=\"\" style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; border-right-style: solid; border-top-width: 0.5pt; border-top-style: solid; padding-bottom: 0.0mm; padding-left: 1.91mm; padding-right: 1.91mm; padding-top: 0.0mm; vertical-align: top; width: 51.31mm;\">\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\">All DDPs who have been granted approval by the Board will have to:<\/p>\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\"><span style=\"font-weight: bold;\">Immediately<\/span> inform the Board in writing if any information or particulars previously submitted to the Board are found to be false or misleading, in any material respect.<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" rowspan=\"\" style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; border-right-style: solid; border-top-width: 0.5pt; border-top-style: solid; padding-bottom: 0.0mm; padding-left: 1.91mm; padding-right: 1.91mm; padding-top: 0.0mm; vertical-align: top; width: 46.06mm;\">\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\">The DDP has to do the same as soon as possible <span style=\"font-weight: bold;\">but not later than 2 working days.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" colspan=\"1\" rowspan=\"\" style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; border-right-style: solid; border-top-width: 0.5pt; border-top-style: solid; padding-bottom: 0.0mm; padding-left: 1.91mm; padding-right: 1.91mm; padding-top: 0.0mm; vertical-align: top; width: 33.87mm;\">\n<p style=\"line-height: normal; font-weight: bold; font-family: Times New Roman; font-size: 12.0pt;\" \/>\n<\/td>\n<td valign=\"top\" colspan=\"1\" rowspan=\"\" style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; border-right-style: solid; border-top-width: 0.5pt; border-top-style: solid; padding-bottom: 0.0mm; padding-left: 1.91mm; padding-right: 1.91mm; padding-top: 0.0mm; vertical-align: top; width: 33.87mm;\">\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\">Reg. 31 (1) (c)<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" rowspan=\"\" style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; border-right-style: solid; border-top-width: 0.5pt; border-top-style: solid; padding-bottom: 0.0mm; padding-left: 1.91mm; padding-right: 1.91mm; padding-top: 0.0mm; vertical-align: top; width: 51.31mm;\">\n<p style=\"line-height: normal; font-family: Times New Roman; font-size: 12.0pt;\"><span style=\"font-weight: bold;\">immediately<\/span> inform the Board in writing, if there is any material change in the information previously furnished by him to the Board;<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" rowspan=\"\" style=\"border-bottom-width: 0.5pt; border-bottom-style: solid; border-left-width: 0.5pt; border-left-style: solid; border-right-width: 0.5pt; 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