AMCs are allowed to provide management & advisory services to all FPIs operating from IFSCs: SEBI
- News|Blog|Company Law|
- < 1 minute
- By Taxmann
- |
- Last Updated on 9 January, 2023
Latest from Taxmann
Circular no. SEBI/HO/IMD/IMD-POD1/P/CIR/2023/005, dated 06.01.2023
Earlier, SEBI vide circular no. SEBI/HO/IMD/DF2/CIR/P/2019/155 dated December 16, 2019 had specified certain categories of Foreign Portfolio Investors (FPIs) to which the Asset Management Companies (AMCs) can provide management & advisory services in terms of Regulation 24(b) of SEBI (Mutual Funds) Regulations, 1996.
Accordingly, AMCs can provide management and advisory services to FPIs operating from International Financial Services Centres (IFSC) and regulated by International Financial Services Centres Authority (IFSCA) and falling under the categories specified in the aforementioned SEBI circular.
Now, the SEBI in consultation with IFSCA and based on the requests received from AMCs has permitted AMCs to provide management and advisory services to all Foreign Portfolio Investors operating from International Financial Services Centres (IFSCs) subject to certain conditions. The conditions are as follows –
(a) Such FPI shall be allowed to invest in mutual fund schemes other than the schemes in the category of “thematic” as defined in SEBI Circular No. dated October 6, 2017. ‘Thematic’ scheme means an open-ended equity scheme investing in a particular sector/following a particular theme.
(b) For investment in equity and equity derivative securities listed on recognized stock exchanges in India, such FPI shall not take contra-position for a period of six months from the date of purchase or sale of such securities.
Click Here To Read The Full Circular
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
