SEBI on June 27, 2024 has issued revised directions for participation by Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and Resident Indian (RI) individuals in SEBI registered FPIs based in International Financial Services Centres in India.
SEBI has provided that no investor has a say in the investment decisions of the FPI. By law, the Investment Manager/ Fund Manager of the FPI is completely independent with respect to taking investment decisions for the FPI. Further, only an Asset Management Company of a Mutual Fund (that is registered with the Board and is sponsored by a Bank regulated by the Reserve Bank of India, or its IFSC based subsidiary/branch, can be the Investment Manager/ Fund Manager of the FPI.
