INDIA: SEBI Amend Guidelines for Participation of Eligible Foreign Investors in IFSC

The Securities and Exchange Board of India (SEBI) have amended the guidelines for participation/functioning of Eligible Foreign Investors (EFIs) and FPIs in IFSC.

It has been decided to replace Clause 2 (c) of the SEBI circular IMD/HO/FPIC/CIR/P/2017/003 dated January 04, 2017 with the following:

In case of participation of an EFI, not registered with SEBI as an FPI, but desirous of operating in IFSC, a trading member of the recognized stock exchange in IFSC may carry out the due diligence on its own or it may rely upon the due diligence carried out by a bank, which is permitted by RBI to operate in IFSC, during the account opening process of an EFI.

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