CIRCULAR
AFD/ P/ CIR/ 2022/ 125
September 26, 2022
To,
1. Foreign Portfolio Investors ("FPIs")
2. Designated Depository Participants ("DDPs") and Custodians
3. The Depositories (NSDL and CDSL)
Dear Sir / Madam,
Subject: Modification in the Operational Guidelines for FPIs, DDPs and EFIs
pertaining to FPIs registered under Multiple Investment Managers (MIM) structure
1. SEBI, vide circular number IMD/FPI&C/CIR/P/2019/124 dated November 05, 2019,
had issued Operational Guidelines for FPIs, DDPs and EFIs (hereinafter referred to
as OG) under the SEBI (Foreign Portfolio Investors), Regulations 2019.
2. Based on requests received from various market participants, it has been decided to
replace clause (i) of Para 4 of Part A of the OG with the following:
“Where an entity engages multiple investment managers (MIM) for managing its
investments, the entity can obtain multiple FPI registrations mentioning name of
Investment Manager for each such registration. Such applicants can appoint
different DDPs for each such registration. Investments made under such multiple
registrations shall be clubbed for the purposes of monitoring of investment limits”
3. This circular is issued in exercise of powers conferred under Section 11 (1) of the
Securities and Exchange Board of India Act, 1992.
4. A copy of this circular is available at the web page “Circulars” on our website
www.sebi.gov.in.
Yours faithfully,
CHANDRAKANTA MITRA
Deputy General Manager
Tel No.: 022-26449548
E-mail: cmitra@sebi.gov.in
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