CIRCULAR
SEBI/HO/AFD/AFD-POD-2/P/CIR/2024/104 August 01, 2024
To,
1. Foreign Portfolio Investors (FPIs)
2. Designated Depository Participants (DDPs) and Custodians
3. The Depositories
4. The Stock Exchanges and Clearing Corporations
5. Registrars to an Issue and Share Transfer Agents
6. Listed Companies
Dear Sir / Madam,
Subject: Amendment to Circular for mandating additional disclosures by FPIs
that fulfil certain objective criteria
1. SEBI vide Circular No. SEBI/ HO/ AFD/ AFD-PoD-2/CIR/P/2023/148 dated August
24, 2023 mandated additional disclosures for FPIs that fulfil objective criteria as
specified in the said Circular. Further, FPIs satisfying any of the criteria listed under
Para 8 of the said Circular were exempted from the additional disclosure
requirements, subject to conditions specified in the said Circular. The said circular
has been subsumed subsequently in the Master Circular for Foreign Portfolio
Investors, Designated Depository Participants and Eligible Foreign Investors (“FPI
Master Circular”) dated May 30, 2024.
2. In this regard, it has been decided that University Funds and University related
Endowments shall not be required to make the additional disclosures as specified
in Para 1(xiii) of Part C of the FPI Master Circular, subject to compliance with
certain conditions. In view of the above, the FPI Master Circular stands modified
as follows:
2.1. After clause (g) of Para 1(xiv) of Part C, the following shall be inserted:
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“(h) University Funds and University related Endowments, registered or eligible
to be registered as Category I FPI, subject to them fulfilling the following
additional conditions:
i. Indian equity AUM being less than 25% of global AUM
ii. Global AUM being more than INR 10,000 crore equivalent
iii. Appropriate return/filing to the respective tax authorities in their home
jurisdiction to evidence the nature of a non-profit organisation exempt
from tax.”
3. The eligible jurisdictions with respect to the exemption granted to University Funds
and University related Endowments shall be as specified by SEBI from time to time,
in consultation with the pilot Custodians and DDPs Standards Setting Forum,
through the Standard Operating Procedure framed in terms of Para 1(xii) of Part C
of the FPI Master Circular.
4. The provisions of this circular shall come into force with immediate effect.
5. This circular is issued in exercise of the powers conferred under Section 11(1) of
the Securities and Exchange Board of India Act, 1992 read with Regulations 22(1),
22(6), 22(7) and 44 of SEBI (FPI) Regulations, 2019 to protect the interest of
investors in securities and to promote the development of, and to regulate the
securities market.
6. This circular is available at www.sebi.gov.in under the link “LEGAL > Circulars”.
Yours faithfully,
Manish Kumar Jha
Deputy General Manager
Tel No.: 022 –26449219
E-mail: manishkj@sebi.gov.in
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