On 30-05-2024, the Securities and Exchange Board of India (‘SEBI’) issued a Master Circular for Foreign Portfolio Investors, Designated Depository Participants, and Eligible Foreign Investors to incorporate all circulars pertaining to Foreign Portfolio Investors and Designated Depository Participants issued earlier. It came into effect on 30-05-2024.
Key Points:
This Master Circular supersedes the Master Circular for Foreign Portfolio Investors, Designated Depository Participants, and Eligible Foreign Investors under dated 19-12-2022.
All provisions of the aforesaid circular are incorporated in this Master Circular.
Through this Master Circular the following Circulars will stand rescinded The circulars rescinded through this Master Circular as have been mentioned in Annexure A are as follows:
Master Circular dated 19-12-2022 — Master Circular for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors.
Circular dated 27-03-2023 — Streamlining the onboarding process of Foreign Portfolio Investors
Circular dated 27-07-2023 — Mandating Legal Entity Identifier for all non-individual Foreign Portfolio Investors
Circular dated 07-08-2023 — Transactions in Corporate Bonds through Request for Quote platforms by Foreign Portfolio Investors
Circular dated 24-08-2023 — Mandating additional disclosures by Foreign Portfolio Investors that fulfil certain objective criteria
Circular dated 25-01-2024 — Streamlining of Regulatory Reporting by Designated Depository Participants and Custodians
Circular dated 20-03-2024 — Amendment to Circular for mandating additional disclosures by Foreign Portfolio Investors that fulfil certain objective criteria
Despite the rescission:
Anything done/action taken/purported to have been done/taken under the rescinded circulars will be deemed to have been done/taken under the corresponding provisions of this Master Circular.
Any application made to SEBI under the rescinded circulars, before such rescission, and pending before the Board, will be deemed to have been made under the corresponding provisions of this Master Circular.
The previous operation of the rescinded circulars and anything done under them will remain unaffected as if the rescinded circulars have never been rescinded.
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