SEBI Master Circular for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors – December 19, 2022

SEBI, vide its master circular dated December 19, 2022 superseded its master circular dated November 05, 2019 on Operational guidelines for FPIs, DDPs and  Eligible  Foreign Investors under the Securities  and  Exchange  Board  of  India (Foreign  Portfolio Investors),  Regulations  2019. The circulars mentioned in Annexure A of the Master Circular shall stand rescinded with the issuance of this Master Circular. With respect to the directions or other guidance issued by SEBI, as specifically applicable to FPIs, shall continue to remain in force in addition to the provisions of any other law for the time being in force. Terms not defined in this Master Circular shall have the same  meaning  as  provided  under  the Regulations.

SEBI in the circular added that, Notwithstanding such rescission,

1.  anything  done  or  any  action  taken  or  purported  to  have  been  done  or  taken including registration or approval granted, fees collected, registration or approval, suspended or cancelled, any adjudication, enquiry or investigation commenced or show-cause notice issued under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular;
2.  any  application  made  to  the  Board  under  the  rescinded  circulars,  prior  to  such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular;
3. the  previous  operation  of  the  rescinded circulars  or  anything  duly  done  or suffered  thereunder,    any    right,    privilege,    obligation    or    liability    acquired,  accrued  or  incurred under  the rescinded circulars,  any  penalty,  incurred  in  respect    of    any  violation  committed    against    the  rescinded  circulars,  or  any  investigation,    legal    proceeding    or    remedy    in  respect    of    any    such    right, privilege,    obligation,    liability,    penalty as    aforesaid,  shall  remain  unaffected  as  if  the rescinded circulars have never been rescinded;

This operational circular is applicable to all Foreign Portfolio Investors (“FPIs”), Designated Depository Participants (“DDPs”) and Custodians, Depositories, all recognized Stock Exchanges and Clearing Corporations including those in International Financial Services Centre.