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Trading members of a recognized stock exchange in an International Financial Services Centre may perform due diligence on an Eligible Foreign Investor or rely on due diligence by a bank permitted by the Reserve Bank of India. This update applies to Eligible Foreign Investors that do not hold registration as Foreign Portfolio Investors with the Securities and Exchange Board of India but wish to operate in the International Financial Services Centre. The trading member conducts this check on its own or uses the account opening due diligence from an eligible bank.
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भारतीय प्रतिभूति और विनिमय बोर्ड Securities and Exchange Board of India
CIRCULAR
SEBI/HO/CIR/P/2017/79
July 11, 2017
To,
Sir / Madam
Guidelines for participation/functioning of Eligible Foreign Investors (EFIs) and FPIs in IFSC - Amendment
Kindly refer to the SEBI circular IMD/HO/FPIC/CIR/P/2017/003 dated January 04, 2017 on the captioned subject.
Based on the discussions with various market participants, it has been decided to replace Clause 2 c) of the aforesaid circular with the following:
"In case of participation of an EFI, not registered with SEBI as an FPI, but desirous of operating in IFSC, a trading member of the recognized stock exchange in IFSC may carry out the due diligence on its own or it may rely upon the due diligence carried out by a bank, which is permitted by RBI to operate in IFSC, during the account opening process of an EFI".
Yours faithfully
Bithin Mahanta
