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SEBI (Foreign Portfolio Investors) Regulations, 2014
SEBI has notified the SEBI (Foreign Portfolio Investors) Regulations 2014 (FPI Regulations) to come into effect from 7 January 2014. Provide a brief snapshot of the objective of the FPI Regulations, besides also indicating that FPI Regulations when notified, the FII Regulations and the QFI related SEBI Circulars will stand rescinded. Also, how the FII/SA holding valid certificate of registration shall automatically be deemed to be FPIs under the FPI Regulations. Please refer the relevant para in the Regulations to bring out the relevant provision here.
The key features of the FPI Regulations are as below -
Some of the conditions for registration as a FPI are -
Following are the three categories under which an FPI may seek registration -
|Category I||Category II||Category III)|
|Types of Entities - Please use the verbiage as stated in the Regulations.||Govt and Govt related entities e.g. Foreign Central banks, Sovereign Wealth Funds, Multilateral Organizations etc.||Regulated Entities e.g.|
Broad Based Fund
Banks, Asset Mgt Co, Mutual Funds, Investment Trusts, Insurance and reinsurance companies, University Funds, Pension Funds and University related endowments registered with SEBI.
|All other entities not classified in the other two categories such as Endowments, Charitable societies, Charitable Trusts, Foundations, Corporate Bodies, Trusts, Individuals, Family Offices.|
A FPI can invest only in the following securities namely -
Issuance of Certificate by DDP will be done within 30 days .
Registration by SEBI has been done away with for FIIs including their sub-accounts, if any. Generally, it is expected that a DDP will register FPI within 30 days from receipt of application for registration, complete in all respects. In the event of any grievance for seeking registration, the FPI may approach SEBI for appropriate instructions.
Category I and category II FPIs (except for unregulated broad based funds) can issue, subscribe to or otherwise deal in offshore derivative instruments (ODIs), directly or indirectly subject to the following conditions:
FPI is required to ensure that further issue or transfer of any ODIs issued by or on behalf of it is made only to persons who are regulated by an appropriate foreign regulatory authority
ODIs issued under FII Regulations are deemed to have been issued under the corresponding provision of these regulations
In the preparation of the material contained in this document, Kotak Mahindra Bank has used information that is publicly available, including information developed inhouse. Some of the material used in the document may have been obtained from members/persons other than the Kotak Mahindra Bank and/or its affiliates and which may have been made available to Kotak Mahindra Bank and/or its affiliates. Information gathered & material used in this document is believed to be from reliable sources. Kotak Mahindra Bank however does not warrant the accuracy, reasonableness and/or completeness of any information. For data reference to any third party in this material no such party will assume any liability for the same. Kotak Mahindra Bank and/or any affiliate of Kotak Mahindra Bank does not in any way through this material solicit any offer for purchase, sale or any financial transaction/commodities/products of any financial instrument dealt in this material. All recipients of this material should before dealing and or transacting in any of the products referred to in this material make their own investigation, seek appropriate professional advice.
We have included statements/opinions/recommendations in this document which contain words or phrases such as "will", "expect" "should" and similar expressions or variations of such expressions, that are "forward looking statements". Actual results may differ materially from those suggested by the forward looking statements due to risks or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and political conditions in India and other countries globally, which have an impact on our services and / or investments, the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, the performance of the financial markets in India and globally, changes in domestic and foreign laws, regulations and taxes and changes in competition in the industry. By their nature, certain market risk disclosures are only estimates and could be materially different from what actually occurs in the future. As a result, actual future gains or losses could materially differ from those that have been estimated.
Kotak Mahindra Bank (including its affiliates) and any of its officers directors, personnel and employees, shall not be liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any manner. The recipient alone shall be fully responsible/ are liable for any decision taken on the basis of this material. The investments discussed in this material may not be suitable for all investors. Any person subscribing to or investing in any product/financial instruments should do so on the basis of and after verifying the terms attached to such product/financial instrument. Financial products and instruments are subject to market risks and yields may fluctuate depending on various factors affecting capital/debt markets. Please note that past performance of the financial products and instruments does not necessarily indicate the future prospects and performance thereof. Such past performance may or may not be sustained in future. Kotak Mahindra Bank (including its affiliates) or its officers, directors, personnel and employees, including persons involved in the preparation or issuance of this material may;
(a) from time to time, have long or short positions in, and buy or sell the securities mentioned herein or
(b) be engaged in any other transaction involving such securities and earn brokerage or other compensation in the financial instruments/products/commodities discussed herein or act as advisor or lender / borrower in respect of such securities/financial instruments/products/commodities or have other potential conflict of interest with respect to any recommendation and related information and opinions. The said persons may have acted upon and/or in a manner contradictory with the information contained here. No part of this material may be duplicated in whole or in part in any form and or redistributed without the prior written consent of Kotak Mahindra Bank. This material is strictly confidential to the recipient and should not be reproduced or disseminated to anyone else.
Mutual funds, like securities investments, are subject to market and other risks and there can be no assurance that the Scheme's objectives will be achieved. As with any investment in securities, the NAV of units issued under the scheme can go up or down depending on the factors and forces affecting capital markets.
*above material is for information purposes only.