The Securities and Exchange Board of India on 26th September 2022, notified changes in the Operational Guidelines for FPIs, DDPs and EFIs pertaining to FPIs registered under the Multiple Investment Managers (MIM) structure.
SEBI vide its earlier notification, dated 5th November 2022, issued an operational guidelines for the foreign Portfolio Investors (FPIs), Designated Depository Participants (DDPs) as wellas Eligible Foreign Investors (EFIs) in order to facilitate the application of SEBI (Foreign Portfolio Investors) Regulations, 2019. However based on request received from various market participants, it has been decided to replace clause (i) of Para 4 of Part A of the OG with the following:
Under the revised guidelines, if an entity engages multiple investment managers (MIM) for managing its investments, the entity can obtain multiple FPI registrations mentioning name of Investment Manager for each such registration. Such applicants can appoint different DDPs for each such registration. Investments made under such multiple registrations shall be clubbed for the purposes of monitoring of investment limits.
