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SEBI releases revised KYC norms for FPIs
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SME Times News Bureau | 22 Sep, 2018
The markets regulator Securities and Exchange Board of India (SEBI) on
Friday published revised know-your-client (KYC) norms for foreign
portfolio investors (FPI) providing relief to the foreign entities.
The
SEBI also revised the eligibility norms for FPIs as it accepted the
recommendations of the SEBI working group headed by former Deputy
Governor of the Reserve Bank of India H.R. Khan.
"SEBI
Board...has after considering the interim recommendations of SEBI
Working Group...decided that beneficial ownership criteria in Prevention
of Money-laundering (Maintenance of Records) Rules, 2005 should be made
applicable for purpose of KYC and not for determining eligibility of
FPIs," a circular from the regulator said.
"The clubbing of
investment limit for FPIs should not be done on the basis of beneficial
owner (BO) as per PMLA rules," it added.
Regarding KYC review, it
said FPIs shall be subject to KYC review as and when there is any
change in material information or disclosure.
"The KYC review
(including change in BOs/ their holdings) should be done based on risk
categorisation of FPIs. In case of Category II and Category III FPIs
from high-risk jurisdictions, KYC review should be done on yearly
basis."
In the event of non-submission of KYC documents, if any,
no further purchase transactions shall be permitted to such clients,
the circular said.
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