The foreign portfolio investments regime in India is set for a rollover on 1 June with both the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) coming out with required amendments to the legal framework.
Earlier this year, SEBI had introduced the SEBI (Foreign Portfolio Investors) Regulations, 2014, which replaced the SEBI (Foreign Institutional Investors) Regulations, 1995, and harmonized foreign institutional investors (FIIs), sub-accounts and qualified foreign investors (QFIs) into a single investor class.
The RBI has now amended the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 (TISPRO regulations), to reclassify and regulate foreign portfolio investors (FPIs) in India, which include FIIs, sub-accounts and QFIs. A new schedule 2A has been inserted after schedule 2 of the TISPRO regulations to provide for the purchase, sale of shares and/or convertible debentures of an Indian company by a registered FPI under the FPI scheme.
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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.
