Foreign Portfolio Investor to File application for Non-Refundable Fee while asking for relaxation from the strict enforcement of SEBI (Foreign Portfolio Investors) Regulations: SEBI

The Securities and Exchange Board of India (SEBI) has notified that Foreign Portfolio Investor to File application for Non-Refundable Fee while asking for relaxation from the strict enforcement of Securities and Exchange Board of India (SEBI) (Foreign Portfolio Investors) Regulations.

The SEBI made the regulations, to further amend the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 and named them as the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2022.

In regulation 7 of SEBI regulation 2019, the words “National Securities Depositories Limited” are substituted with the word “the Board” and in Chapter VIII-A, after regulation 43A, a regulation 43B is inserted which reads as “Exemption from strict enforcement of the regulations in other cases.”

The Board may suo motu or on an application made by a foreign portfolio investor, for reasons recorded in writing, grant relaxation from the strict enforcement of any of the provisions of these regulations, subject to such conditions as the Board deems fit to impose in the interests of investors and the securities market and for the development of the securities market, if the Board is satisfied that: the non-compliance is caused due to factors beyond the control of the entity; or the requirement is procedural or technical in nature and the application referred to under sub-regulation (1) shall be accompanied by a non-refundable fee of US $ 1,000 payable by way of NEFT/ RTGS/ IMPS or any other mode allowed by the Reserve Bank of India in the designated bank account of the Board.”  

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