SEBI directs custodians and banks to alert for any change in Beneficial Ownership of China Link FPIS

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(Commercial Representative) Mumbai, 18 May 2020, Monday

The Securities and Exchange Board of India (SEBI) has been alerted by the increasing risk of foreign portfolio investors resorting to indirect measures as China moves to take over quality assets and companies in various countries. .

SEBI has directed the custodians and banks to alert the regulatory body to any change in the beneficial ownership of Foreign Portfolio Investors (FPIs) with China.

In this regard, the sources said that the notification issued by SEBI a few days ago has alerted the capital market regulatory body and the central government which has recently witnessed an increase in China's holding investment in India and investment in neighboring countries. These measures have been taken to keep a close eye on the last investor owner or control in offshore funds. These figures are generally kept by the custodians and are generally not exchanged with SEBI under any circumstances other than investigation. But now over the last few weeks, SEBI has been seeking a change in the fund's beneficiary ownership. In which FPIs from certain China and some other Juridixons are related.

Months ago, the custodians of banks and non-bank entities handling funds and securities of overseas funds on the Indian stock exchanges were asked to provide details of the final beneficiary owners of FPIs based in China and Hong Kong. A few days later, 11 countries were asked to identify FPIs or large investors from Pakistan, Taiwan, North Korea, Iran, Myanmar, Mongolia, Bhutan, Nepal, Afghanistan, Bangladesh and Yemen.

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