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REGD. No. D. L.-33004/99
The Gazette of India
CG-MH-E-26062024-254951
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
No. 432]
NEW DELHI, WEDNESDAY, JUNE 26, 2024/ASHADHA 5, 1946
3769 GI/2024
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 26th June, 2024
SECURITIES AND EXCHANGE BOARD OF INDIA (FOREIGN PORTFOLIO INVESTORS)
(SECOND AMENDMENT) REGULATIONS, 2024
No. SEBI/LAD-NRO/GN/2024/185.— In exercise of the powers conferred by sub-section (1) of Section 30
read with sub-section (1) of Section 11, clause (ba) of sub-section (2) of section 11 and sub-sections (1) and (1A) of
Section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), and under Section 25 of the
Depositories Act, 1996 (22 of 1996), the Board hereby makes the following regulations, to further amend the
Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019, namely,–
1. These regulations may be called the Securities and Exchange Board of India (Foreign Portfolio Investors)
(Second Amendment) Regulations, 2024.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019, –
I. in regulation 4, in clause (c),
i. the words and symbol "provided they meet the conditions specified by the Board from time to
time:" shall be substituted with the following words and symbol, namely, -
"subject to the following conditions:
i. the contribution of a single non-resident Indian or overseas citizen of India or
resident Indian individual shall be below twenty-five percent of the total contribution
in the corpus of the applicant;
ii. the aggregate contribution of non-resident Indians, overseas citizens of India and
resident Indian individuals in the corpus of the applicant shall be below fifty percent
of the total contribution in the corpus of the applicant;
iii. the contribution of resident Indian individuals shall be made through the Liberalised
Remittance Scheme notified by the Reserve Bank of India and shall be in global
funds whose Indian exposure is less than fifty percent;
iv. the non-resident Indians, overseas citizens of India and resident Indian individuals
shall not be in control of the applicant; and
V. any other conditions as may be specified by the Board from time to time."
ii. After the second proviso, the following provisos shall be inserted, namely, -
"Provided further that the provisions of sub-clause (ii) of clause (c) shall not be applicable
to an applicant, regulated by the International Financial Services Centres Authority and
based in the International Financial Services Centres in India and subject to conditions as
may be specified by the Board:
Provided further that the existing exemptions specified by the Board in relation to the conditions under sub-clauses (i)
to (iv) of clause (c) of this regulation as on the date of notification of the Securities and Exchange Board of India
(Foreign Portfolio Investors) (Second Amendment) Regulations, 2024 shall continue to remain in force."
BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./201/2024-25]
Footnote:
1. The Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019, the Principal
Regulations were published in the Gazette of India on September 23, 2019 vide No. SEBI/LAD-
NRO/GN/2019/36).
2. The Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 were
subsequently amended on –
(1) 19th December, 2019 by the Securities and Exchange Board of India (Foreign Portfolio Investors)
(Amendment) Regulations, 2019 vide No. SEBI/LAD-NRO/GN/2019/44.
(2) 7th April, 2020 by the Securities and Exchange Board of India (Foreign Portfolio Investors)
(Amendment) Regulations, 2020 vide No SEBI/LAD-NRO/GN/2020/09.
(3) 17th April, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment)
Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/10.
(4) 3rd August, 2021, by the Securities and Exchange Board of India (Regulatory Sandbox)
(Amendment) Regulations, 2021, vide No. SEBI/LAD-NRO/GN/2021/30.
(5) 3rd August, 2021 by the Securities and Exchange Board of India (Foreign Portfolio Investors)
(Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/32.
(6) 26th October, 2021 by the Securities and Exchange Board of India (Foreign Portfolio Investors)
(Second Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/54
(7) 14th January, 2022 by the Securities and Exchange Board of India (Foreign Portfolio Investors)
(Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/64
(8) 9th November, 2022 by the Securities and Exchange Board of India (Payment of Fees (Amendment)
Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/99
(9) 14th March, 2023, by the Securities and Exchange Board of India (Foreign Portfolio Investors)
(Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/128.
(10) 3rd July, 2023, by the Securities and Exchange Board of India (Alternative Dispute Resolution
Mechanism) (Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/137.
(11) 10th August, 2023 by the Securities and Exchange Board of India (Foreign Portfolio Investors)
(Second Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/143
(12) 3rd June, 2024 by the Securities and Exchange Board of India (Foreign Portfolio Investors)
(Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/183.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054. SARVESH KUMAR SARVESH
SRIVASTAVA
024.06.26 18:47:05 +0530
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