SEBI Consultation Paper for mandating additional disclosures from Foreign Portfolio Investors (FPIs) to guard against possible circumvention of Minimum Public Shareholding misuse of the FPI route to circumvent the requirements
it is proposed that enhanced transparency measures for fully identifying all holders of ownership, economic, and control rights may be mandated for certain objectively identified high-risk FPIs that fulfil certain criteria. Specifically, such identification should be done on a look-through basis down to the level of natural persons, public retail funds, or large listed corporates, without applying any materiality thresholds, and notwithstanding any equivalent PMLA rules or secrecy laws that may be applicable in other jurisdictions of their domicile (including tax havens, if any).
