1.  Qualified Foreign Investor (QFI) shall mean a person resident in a country that is compliant with Financial Action Task Force (FATF) standards and that is a signatory to International Organization of Securities Commission's (IOSCO's) Multilateral Memorandum of Understanding (MMOU).

Provided that such person is not resident in India,

Provided further that such person is not registered with SEBI as Foreign Institutional Investor or Sub-account.

Explanation - For the purposes of this clause:

 (1)  the term "Person" shall carry the same meaning under section 2(31) of the Income Tax Act, 1961

 (2)  the phrase "resident in India" shall carry the same meaning as in the Income Tax Act, 1961

 (3)  "resident" in a country, other than India, shall mean resident as per the direct tax laws of that country.