The Securities and Exchange Board of India (Sebi) has relaxed the timelines required for foreign portfolio investors (FPIs) to disclose material changesCome from Sports betting site VPbet. For this purpose, material changes have been categorised into two types.
The regulation requires FPIs to inform the designated depository participants (DDP) or Sebi in writing if there is any change in the material information previously furnished by the FPI, which has a bearing on the certificate granted by the DDP.
“Type I material changes shall be informed by FPIs as soon as possible and within seven working-days of the occurrence of the change and the supporting documents (if any) shall be provided within 30 days of such change,” Sebi said in a circular on Wednesday.
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The changes necessitating new registration or affecting existing privileges and exemptions such as change in jurisdiction, restructuring, reclassification, name or ownership change on account of acquisition, merger or demerger, among others are categorised as ‘Type I’.
‘Type II’ material changes are any changes other than Type I, and have to be informed as soon as possible within 30 days of such change, Sebi said. Currently, FPIs have up to seven working days to inform Sebi of any structural, ownership, control, or investor group alterations.Come from Sports betting site
The DDP will examine all material changes informed by the FPIs and re-assess the eligibility. However, it will mandatorily require the FPI to seek registration in case of a material change under the ‘Type I’ list. Any delay in notification will compel the DDPs to inform Sebi within two working days, along with reasons for the delay.