Regulations
SEBI revises reporting timeline for FIIs dealing in ODIs, PNs

 

FIIs issuing ODIs or PNs would have to submit details of such transactions along with the monthly summary report by 10th of every month
 
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has revised the reporting timeline for Foreign Institutional Investors (FIIs) dealing in Participatory Notes (PNs), reports PTI.
 
On a review, it has been decided to revise the reporting timelines, SEBI said in a circular.
 
As per the revised circular, FIIs issuing Overseas Derivative Instruments (ODIs) or PNs shall submit details of such transaction report along with the monthly summary report by 10th of every month for previous month, it said.
 
The first such report shall be submitted for the month of October 2012 by November 10, 2012.
 
As per the existing guideline, the reporting had to be done by 7th of every month for the previous month transaction.
 
ODIs have Indian equity or debt as underlying securities and are issued by registered FIIs or sub-accounts to clients abroad.
 
The details of ODI/PN transaction report for month of December 2011 to April 2012 shall be submitted with six months lag.

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SEBI tweaks QFI definition to include investors from Gulf nations

 

SEBI relaxed investment norms for overseas individual investors that would allow investors from Gulf countries to invest in Indian stock markets
 
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has allowed investors from Gulf countries to invest in stock markets, thereby relaxing investment norms for overseas individual investors, reports PTI.
 
The government had earlier in January allowed Qualified Foreign Investors (QFIs) from 34 Financial Action Task Force (FATF) member countries to invest in the equity market.
 
As per the SEBI circular, countries which are part of International Organisation of Securities Commissions' (IOSCO) and Multilateral Memorandum of Understanding (MMOU), but are not part of the FATF, would be allowed to invest in India.
 
The QFI would now also include "residents in a country that is a signatory to IOSCO's MMOU or a signatory of a bilateral MOU with SEBI", it said in the circular.
 
SEBI further said that in case a person invests in the same company through both QFI route and FDI route, the aggregate holding of the person in such company shall not exceed 5% of paid up equity capital of the company.
 
SEBI also decided to extend the option of appointment of custodian of securities by the QFI.
 
"The QFI may appoint a custodian of securities, who would be obligated to perform clearing and settlement of securities on behalf of the QFI client," SEBI said. The custodians would have to be mandatorily registered with SEBI.
 
"It has been decided to allow QFIs to make fresh purchases of eligible securities, out of the sale/redemption/ dividend proceeds of any of the eligible securities," SEBI said.
 
Further, it said that all the eligible securities shall be held in a single demat account of the QFI.
 
In another important move, SEBI decided to do away with the restriction on number of days a QFIs can keep fund in their bank accounts in India, a move to ease norms for such investments.
 
Earlier money was to be kept Depository Participants in a pooled account and within 5 days the QFIs had to take the investment decision.
 
Besides, every QFI will have separate bank account and they can retain money in bank accounts in India.
 
With an aim to attract QFI, the Finance Ministry is conducting road shows in five Gulf nations, including Kuwait and the UAE, during June 10-14.
 
A QFI is an individual, group or association resident in a foreign country. QFIs do not include FIIs/sub accounts.
 
Last year, the government had created QFI category and allowed them to invest in MF debt schemes initially.

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CBI summons BCCI chief N Srinivasan in Jagan case

 

CBI is probing the alleged investments made by Srinivasan's company India Cements in the companies promoted by YSR Congress chief Jaganmohan Reddy

Hyderabad: The Central Bureau of Investigation (CBI) has called Board of Control for Cricket in India (BCCI) Chief and India Cements Managing Director N Srinivasan for questioning in connection with disproportionate assets cases against YSR Congress chief Jaganmohan Reddy, agency sources told PTI.
 
They said Srinivasan has been asked to appear next week at the CBI office in Hyderabad.
 
CBI is probing the alleged investments made by Srinivasan's company India Cements in the companies promoted by the Kadapa MP during the tenure of his father YS Rajshekhara Reddy as chief minister, the sources said.
 
The agency has also asked officials of some other cement companies to appear for questioning, they said.
 
CBI sources said the cement companies could be asked about water and limestone allocations made during the tenure of Rajashekhara Reddy as chief minister of Andhra Pradesh.
 
Efforts to contact Srinivasan did not materialise.
 
The CBI, in its three charge sheets filed against Jagan and others, has alleged that he and his father had hatched a conspiracy to defraud the government with Jagan influencing Rajasekhara Reddy in doling out certain favours to various investors, who made investments in Jagan's businesses.
 
Jagan is currently in judicial custody till 11th June and has been questioned by the CBI.

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