SEBI on December 19, 2022 has issued clarification regarding Master Circular for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors. The Master Circular which supersedes the earlier circulars was issued on November 05, 2019 and prior circulars were rescinded.
Notwithstanding such rescission, 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suspended or cancelled, any adjudication, enquiry or investigation commenced or show-cause notice issued under the rescinded circulars ,prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular.
Any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular.
The previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the rescinded circulars have never been rescinded.