PRESS RELEASE
PR No.111/2008
Amendment to SEBI (Foreign Institutional Investors) Regulations, 1995
SEBI, vide Notification dated May 22, 2008 has amended SEBI (Foreign Institutional Investors) Regulations, 1995.
The salient features of the amendments are as under:
v The policy measures on Offshore Derivative Instruments (Participatory Notes) and changes to the registration criteria specified in SEBI Press Release dated October 25, 2007 have been incorporated in the regulations.
v In order to streamline the process of registration, the Application Forms for grant of registration as a FII and Sub Account have been modified.
v An asset management company, investment manager or advisor or an institutional portfolio manager set up and/ or owned by non resident Indians (NRIs) shall be eligible to be registered as FII subject to the condition that they shall not invest their proprietary funds. This has been enabled by suitable modification to Explanation II under Regulation 13 of the said regulations.
v The type of securities in which FIIs are permitted to invest has been widened to include schemes floated by a Collective Investment Scheme.
The amended regulations are available on SEBI website at www.sebi.gov.in under the category 'Legal Framework - Regulations'
Mumbai
May 29, 2008