SEBI declares NRIs & OCIs eligible for FPIs, prescribes additional KYC norms

Thursday, September 27, 2018

SESSION: 07:00 PM - 08:00 PM (IST)

Friday, September 28, 2018

SESSION: 09:00 AM - 10:00 AM (IST)

INTRODUCTION

Post consideration of the interim report submitted by the HR Khan working group, SEBI has issued two circulars for FPIs - one dealing with eligibility criteria for new and existing FPIs that have NRI and OCI participation and the other dealing with KYC norms for all FPIs. The circular dealing with eligibility follows through on the working group's recommendation that the beneficial ownership criteria under the money laundering rules may be made applicable only for the purpose of KYC and not as eligibility criteria for FPIs. The Circulars have to be appreciated as they clarify several grey areas raised by a previous circular issued in April.The webinar examines the legal position post the issuance of the Circulars and reflects upon the clarity provided as well as the pain points which remain for FPIs.

Focus Area

  • What has SEBI prescribed for NRI / OCI / resident participation in FPIs?
  • What has SEBI prescribed for NRI / OCI / resident management and control of FPIs?
  • What is the process laid down by SEBI for identification and disclosure of beneficial owners of FPIs?
  • What has SEBI stipulated in regard to the identification of "high risk jurisdictions" for carrying out KYC?

Flow of the session (27th September 2018)

07:00 PM – 07:45 PM (IST):

PANEL DISCUSSION

07:45 PM – 08:00 PM (IST):

Q & A

Flow of the session (28th September 2018)

09:00 AM – 09:45 AM (IST):

PANEL DISCUSSION

09:45 AM – 10:00 AM (IST):

Q & A

Speakers

KISHORE JOSHI

Leader, Regulatory Practice

Nishith Desai Associates

Kishore Joshi leads the Regulatory Practice at Nishith Desai Associates. He has over two decades of experience in advising clients on securities and exchange control laws. He handles matters on various aspects related to foreign portfolio investors (FPIs) including the broad-based criteria, eligibility to trade P-Notes and the participation of various investor categories under the FPI route.

Kishore has interacted extensively with SEBI and the RBI, the securities and exchange control regulators, and has made numerous representations seeking reform in the law. In addition, he regularly advises clients on fund investments, issues related to corporate and regulatory laws. He has made several presentations on inbound and outbound investments.

RICHIE SANCHETI

Leader, Investment Funds Practice

Nishith Desai Associates

Richie Sancheti leads the Funds Practice Group at Nishith Desai Associates and is based in Mumbai. With a strong funds background, Richie advises on optimum structures for setting up onshore and offshore investment funds.

He advises fund managers in connection with the formation, carry allocation program and governance of private funds. Richie specializes in all aspects of the formation and operation of venture capital, private equity and hedge funds that are focused on investing in India. Richie has extensive experience in designing fund structures and advising on “market” terms. Richie is also a member of the firm’s international tax and private equity investment practice groups and advises clients on matters including private equity transactions.

SRIKANTH VASUDEVAN

Senior Member, Investment Funds Practice

Nishith Desai Associates

Srikanth Vasudevan is a senior member of the Investment Funds Practice and International Taxation Practice at Nishith Desai Associates. Srikanth has extensively advised on setting up of several leading offshore and onshore funds, carry structuring and captive investment platforms. Apart from fund formation and international taxation, he has also worked upon M&A, NBFC / ARC setups and advisory mandates, securities and exchange control law advisory mandates.