The Securities and Exchange Board of India (SEBI) issued a circular clarifying the clubbing of investment limits of foreign portfolio investors (FPIs). The circular’s intent was to clarify the clubbing of investment limits of foreign governments and foreign government-related entities.
The circular stipulates that investment limits for FPIs will be clubbed only when such FPIs: (1) have a common ownership of more than 50%; or (2) if such FPIs have a common control. Additionally, it is provided that in case two or more FPIs, including foreign governments, foreign government agencies or their related entities, have the same investor or the same set of end investors holding more than a 50% of such FPIs or if they have common control, then such FPIs will form part of the same investor group and the investment limit will get clubbed.
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