Additional guidelines for surrender of FPI registration
March 31, 2021
SEBI has prescribed additional guidelines to facilitate the surrender of registration by Foreign Portfolio Investors (FPIs) to the Designated Depository Participant (DPP) in terms of the FPI Regulations, 2019. In addition to the Operational Guidelines for FPIs, DPPs and Eligible Foreign Investors (EFIs), the DPP is mandated to do the following:
While applying to SEBI for a “No Objection Certificate” (NOC) for surrender, the DDP shall confirm that:
Accounts held by the applicant FPI have NIL balance and are blocked for further transactions and the Custodial Participant code (“CP Code”) of the FPI is blocked.
There are no dues/ fees pending towards SEBI.
There are no actions/ proceedings pending against the applicant.
The DPP shall ensure all the accounts (including bank account and securities account) held by the applicant FPI are closed and the CP code is deactivated within 10 working days from the date of receipt of NOC from SEBI.
To refer to SEBI circular dated 30 March 2021, click here.
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