**Summary:**
This circular, SEBI/HO/FPI/C/CIR/P/2020/104, issued by the Securities and Exchange Board of India (SEBI) on June 23, 2020, announces the extension of temporary relaxations in the processing of documents pertaining to Foreign Portfolio Investors (FPIs) until August 31, 2020. This extension is a response to the continuing COVID-19 pandemic and feedback received from stakeholders. The initial relaxations were previously outlined in Circular No. SEBI/HO/FPI/C/CIR/P/2020/056 dated March 30, 2020. All other terms and conditions specified in the March 30, 2020 circular remain unchanged. This circular is issued under the authority of Section 11(1) of the Securities and Exchange Board of India Act, 1992, and Sub-rule (14)(i) of Rule 9 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. Designated Depository Participants (DDPs) and Custodians are requested to inform their FPI clients of these changes. The circular is available on the SEBI website. For further information, contact Achal Singh, General Manager, at 022-26449619 or achals@sebi.gov.in. The circular is addressed to Foreign Portfolio Investors, Designated Depository Participants, Custodians of Securities, Recognized Stock Exchanges, Clearing Corporations, Depositories (NSDL and CDSL), Stock Brokers, Depository Participants, and KYC Registration Agencies (KRAs).
Key Entities Referenced
Foreign Portfolio Investors: A type of investor, abbreviated as 'FPIs', regulated by SEBI.
Designated Depository Participants: Entities, abbreviated as 'DDPs', that act as custodians of securities for FPIs.
Securities and Exchange Board of India: Regulatory body referred to as SEBI, responsible for regulating the securities market in India.
COVID19: The Coronavirus Disease 2019 pandemic, which prompted temporary relaxations for FPI document processing.
International Financial Services Centres: Locations where stock exchanges and clearing corporations are recognized.
NSDL: National Securities Depository Limited, one of the depositories mentioned in the circular.
CDSL: Central Depository Services Limited, one of the depositories mentioned in the circular.
Prevention of Moneylaundering Maintenance of Records Rules, 2005: Indian regulation under which the circular is issued
CIRCULAR
SEBI/HO/FPI&C/CIR/P/2020/104
June 23, 2020
To,
1. All Foreign Portfolio Investors ("FPIs") through their Designated Depository
Participants ("DDPs")/ Custodian of Securities.
2. Designated Depository Participants ("DDPs")/ Custodian of Securities.
3. All Recognized Stock Exchanges/ Clearing Corporations
4. All recognized Stock Exchanges and Clearing Corporations in International
Financial Services Centres
5. The Depositories (NSDL and CDSL)
6. Stock Brokers through Recognized Stock Exchanges
7. Depository Participants through Depositories
8. KYC Registrations Agencies (KRAs)
Dear Sir / Madam,
Subject: Temporary relaxation in processing of documents pertaining to FPIs due to
COVID-19
1. SEBI vide Circular No. SEBI/HO/FPI&C/CIR/P/2020/056 dated March 30, 2020 had
prescribed temporary relaxation in processing of documents pertaining to FPIs due to
COVID-19.
2. In view of the prevailing situation due to COVID-19 pandemic and representations
received from various stakeholders, it has been decided that the temporary relaxations
shall be extended to August 31, 2020.
3. All other terms and conditions specified in the aforesaid circular dated March 30, 2020
shall remain unchanged.
4. This circular is issued in exercise of powers conferred under Section 11(1) of the
Securities and Exchange Board of India Act, 1992 and Sub-rule 14(i) of Rule 9 of the
Prevention of Money-laundering (Maintenance of Records) Rules, 2005 to protect the
interests of investors in securities and to promote the development of, and to regulate
the securities market.
5. A copy of this circular is available at the web page “Circulars” on our website
www.sebi.gov.in
6. DDPs & Custodians are requested to bring the contents of this circular to the notice
of their FPI clients.
Yours faithfully,
ACHAL SINGH
General Manager
Tel No.: 022-26449619
achals@sebi.gov.in