Circular SEBI/HO/MRD/CIR/P/2010/279 of the Securities and Exchange Board of India dated 2nd April, 2010 on investment in securities by a foreign portfolio investor [C1M-4VV]

SEBI/HO/MRD/CIR/P/2010/279

Securities and Exchange Board of India

Mumbai, dated the 2nd April, 2010

CIRCULAR

To

All adjudicating officers,

Subject: Investment in securities by a foreign portfolio investor by foreign portfolio investors under the Securities and Exchange Board of India Act, 1992, regarding.

This circular is issued in exercise of the powers conferred under section 9 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market

1. References have been received seeking clarification on the manner in which section 9 applies to investment in securities by a foreign portfolio investor by foreign portfolio investors.

2. The matter has been examined. Every foreign portfolio investor carrying on investment in securities by a foreign portfolio investor shall make an application in Form H to the Securities Appellate Tribunal within sixty days, accompanied by a fee of fifty thousand rupees.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which investment in securities by a foreign portfolio investor is undertaken, and the Securities Appellate Tribunal shall dispose of it within sixty days of its receipt.

4. Difficulties, if any, in the implementation of this circular may be brought to the notice of the Securities and Exchange Board of India.

(Chief General Manager)