INDIA: Postponement of new reporting format by India FIIs of offshore derivative instruments

Friday May 13 2011

On 17 January 2011 SEBI announced a new reporting format of ODIs/PNs activity for foreign institutional investors. This required monthly reporting by the tenth of every month with a six month lag of information on OPI/PN activity and their underlying trades, along with a monthly report summary. The first such monthly summary report was to be submitted for the month of April, 2011 before 7 May 2011. The first such Annexure A, B C report was to be submitted before 10 October 2011 for the month of April 2011.

However, SEBI received representations from a number of India FIIs seeking various clarifications on the new reporting format. While these clarifications sought by the India FIIs are being addressed by SEBI, it has been decided to defer the implementation of the new reporting format.It has now been decided that the first such monthly report shall be submitted for the month of July, 2011 before 7 August, 2011, subject to the condition that the additional undertaking shall be implemented from the reporting month of April 2011 onwards. The old reporting format continues to apply till the reporting month of June 2011.

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