Regulation 27 - Opening of Demat Accounts by Clearing Corporations of Stock Exchanges and Clearing Members - Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004

1 [Opening of Demat Accounts by Clearing Corporations of Stock Exchanges and Clearing Members 27. A Person resident in India being a Securities and Exchange Board of India approved clearing corporation of stock exchanges and their clearing members may, subject to the guidelines issued by the SEBI from time to time: (i) open and maintain demat accounts with foreign depositories and acquire, hold, pledge and transfer the foreign sovereign securities, offered as collateral by FIIs; (ii) remit the proceeds arising from corporate action, if any, on such foreign sovereign securities; and (iii) liquidate such foreign sovereign securities and repatriate the proceeds thereof to India. ] *************** NOTES:- 1. Inserted vide Notification No. 184/2009 dated 20-01-2009 , w.e.f. 20-01-2009.