Sebi simplifies registration of certain FPI categories

Sebi simplifies registration of definite FPI categories

To easiness onboarding for FPIs and trim duplication of information, Sebi connected Tuesday projected an abridged mentation of Common Application Form (CAF) that lone requires accusation unsocial to the applicant.

Further, the remainder of the accusation volition beryllium auto-filled from the depository's records oregon definite fields volition beryllium disabled if not needed.

Also, the applicants volition request to corroborate that the antecedently provided accusation remains unchanged, Sebi projected successful its consultation paper.

The regulator observed that successful lawsuit of definite categories of Foreign Portfolio Investor (FPI) applicants similar aggregate funds nether an Investment Manager (IM), sub-funds of a maestro fund, oregon schemes of security companies, overmuch of their applicable accusation is already captured successful depositories' CAF module, which tin beryllium leveraged without seeking the aforesaid from said applicants.
Further, determination are definite fields which are exclusive to idiosyncratic FPI applicants and hence volition not beryllium applicable to the applicants belonging to these categories, it added.

Accordingly, successful bid to prevention important clip and efforts for specified FPI applicants, successful presumption of reviewing the exertion and signing the CAF, it has been projected to question lone specified accusation that is unsocial to specified applicants.

In lawsuit of onboarding applicants belonging to definite categories, Sebi has projected an abridged mentation of CAF having lone those fields that are unsocial to specified applicants should beryllium used.

The remaining fields should either beryllium auto-populated from the accusation disposable successful the depository strategy oregon should beryllium disabled, arsenic applicable.

"While leveraging connected the disposable information, an explicit consent to usage the disposable accusation and confirmation that each the details different than those mentioned successful the abridged mentation of CAF stay unchanged, shall beryllium obtained from the applicant," Sebi projected successful its consultation paper.

After receiving the accusation from the applicant, custodians should update the details successful CAF against the registration fig of the applicant for aboriginal notation purposes and guarantee that the CAF Module successful the depository strategy reflects implicit accusation (information filled successful by applicants and those that are auto-populated from system) and seamless fetching of the aforesaid is possible.

"There has been feedback that an abridged mentation of CAF, having lone those fields which are unsocial to the aforesaid applicants, shall assistance prevention important clip and efforts successful presumption of reviewing the exertion and signing a reduced fig of pages," Sebi said.

The Securities and Exchange Board of India (Sebi) has sought nationalist comments till October 15 connected the proposals.