SEBI relief to high-risk FPIs: More time to comply with new norms

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MUMBAI: Capital markets regulator Securities and Exchange Board of India (SEBI) has decided to give more time to foreign portfolio investors (FPIs) to comply with new disclosure norms related to beneficial owners-ultimate beneficial owners or liquidated holdings, sources close to the matter said. .

In this related stir, it is learned that SEBI has formally informed the FPIs that it has advised compliance by the end of January and after this deadline, the deadline for making the required disclosure will be extended by 10 to 30 days. If they fail to comply even within this period, they may be given another six months to reduce their holdings, sources indicate.

Notably, following the Adani-Hindenburg controversy, SEBI had issued guidelines in August 2023 for FPIs holding more than Rs 25,000 crore worth of Indian equities in any single corporate group to make additional disclosures regarding their ultimate beneficial owners. .

Standard Operating Procedures to be followed by Custodians for Additional Disclosures and Releases were first put in place in October 2023. FPIs that had complied with the criteria for these additional disclosures as on October 31, 2023, were given time till January 2024 to rebalance their holdings.

According to a person involved in the matter, if FPIs consistently comply with the criteria for these additional disclosures by the end of January, they will be given an additional 10 to 30 days to provide additional required details.

Sources say that if they fail to provide the details, they may get another 6 months to reduce their holdings. It is also learned that FPIs may be required to provide detailed details of their beneficial ownership.

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