The Securities and Exchange Board of India vide its notification dated 30th March 2021 has issued the guidelines pertaining to Surrender of FPI Registration and in terms of SEBI (Foreign Portfolio Investors) Regulations, 2019, any FPI (‘applicant’) desirous of surrendering the certificate of registration may request for such surrender to the DDP.
In order to have a uniform market practice for processing of such surrender requests, DDPs shall adhere to the following additional guidelines:
while making an application to SEBI for seeking “No Objection Certificate” (NOC) for surrender, the DDP shall confirm the Accounts held by the applicant in the capacity of FPI having NIL balance and are blocked for further transactions.
DDP shall ensure that all the accounts (including bank account and securities account) held by the applicant in the capacity of FPI are closed and the CP code is deactivated within 10 working days from the date of receipt of NOC from SEBI.
