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SEBI Consultation paper on proposals to improve ease of doing business with respect to additional disclosure framework for Foreign Portfolio Investors
This alert summarizes a recent consultation paper released for public comments by the Securities and Exchange Board of India on 31 May 2023 outlining a framework for mandating additional granular disclosures from certain Foreign Portfolio Investors (FPIs). The framework which is being proposed is aimed to prevent violation of Minimum Public Shareholding rules and to guard against possible misuse of the FPI route to circumvent the requirement of Press Note 31.
The consultation paper classifies FPIs in three categories based on a risk profile – Low, Medium and High and proposes that only FPIs forming part of the High-risk category shall be required to adhere to the additional disclosure requirement.
The last date to provide comments is 20 June 2023.