Background: The Securities and Exchange Board of India (SEBI) has amended SEBI (Foreign Portfolio Investors) Regulations, 2019 and SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015 through SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2021 and SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2021 respectively, both dated 03.08.2021

1. What are the changes introduced by way of SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2021?

Through the aforesaid amendment, it has been provided that the non-resident Indians or overseas citizens of India or resident individual may be constituents of the applicant subject to the conditions specified by the SEBI from time to time. Further, it has also been provided that resident Indian other than individuals may also be constituents of the applicant subject to conditions specified in the amendment regulation.

2. What are the conditions specified for resident Indian other than individual through the aforesaid regulations?

The two conditions specified are: (i) such resident Indian is an eligible fund manager of the applicant as provided in section 9A(4) of the Income Tax Act, 1961 and (ii) the applicant is eligible investment fund as provided in section 9A(3) of the Income Tax Act, 1961 which has been granted approval under the Income Tax Rules, 1962.

3. What is the major amendment in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015?

Through the present amendment, it has been provided that listed entity has to ensure that the approval of shareholders for appointment of a person on the Board of the Company is take at the next general meeting or within a time period of 3 months from the date of appointment whichever is earlier. 



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