Millennium Post

Registered FPIs can run IFSC ops without prior approval: Sebi

Sebi said registered FPIs planning to set up operations in international financial services centres (IFSCs) will be allowed to do so without any additional documentation.

Foreign Portfolio Investors (FPIs), who presently operate in Indian securities market and propose to operate in IFSC also, will be required to ensure clear segregation of funds and securities. Custodians will have to monitor compliance of this provision for their respective FPI clients. Such FPIs would keep their respective custodians informed about their participation in IFSC.

The decision has been taken in consultation with the stakeholders on the proposed regulatory framework on participation of Eligible Foreign Investors (EFI) in IFSCs. In case of participation of FPIs in IFSC, a trading member of the recognised stock exchange in IFSC, may rely upon the due diligence process already carried out by a Sebi registered intermediary during the course of registration and account opening process in India. 
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