Regulation 7 - Certificate of registration - Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019

Certificate of registration 7.(1) The designated depository participant shall on behalf of the Board grant the certificate of registration, bearing registration number generated by 1 [ the Board ] , as specified in the First Schedule to an applicant if it is satisfied that the applicant is eligible and fulfils the requirements as specified in these regulations. (2) The designated depository participant shall endeavour to dispose of the application for grant of certificate of registration as soon as possible but not later than thirty days after receipt of application by the designated depository participant, or after the information called for under regulation 6 has been furnished; whichever is later. (3) Upon grant of certificate of registration to the applicant, the designated depository participant shall remit the fees, as specified in Part A of the Second Schedule , received from the applicant to the Board. (4) If an applicant seeking registration as a foreign portfolio investor has any grievance with respect to its application or if the designated depository participant has any question in respect of interpretation of any provision of this regulation, it may approach the Board for appropriate instructions. (5) The foreign portfolio investor needs to have a valid registration as long as it is holding securities or derivatives in India: 2 [ Provided that a foreign portfolio investor, whose certificate of registration is not valid as on the date of commencement of the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2024 and is holding securities or derivatives in India, shall be allowed to sell such securities or wind up their open position in derivatives in India within three hundred and sixty days from the date of commencement of the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2024 , in the manner specified by the Board. ] 3 [ (6) A foreign portfolio investor shall pay the registration fees, as provided in Part A of the Second Schedule for every block of three years, before the beginning of such block: Provided that the foreign portfolio investor shall be considered to have paid the registration fees in accordance with this sub-regulation, if it pays the registration fees along with the late fee, as provided in Part A of the Second Schedule , within a period of thirty days from the date of expiry of the preceding block: Provided further that if the foreign portfolio investor does not pay the required registration fee and the late fee as may be applicable and continues to hold securities or derivatives in India, it shall be allowed to sell such securities or wind up their open position in derivatives in India within three hundred and sixty days from the date of expiry of thirty days as provided above, under such terms and conditions and in such manner as may be specified by the Board, from time to time. (7) The additional period granted under sub-regulations (5) and (6) of this regulation shall be without prejudice to any action as may be initiated by the Board in accordance with the provisions of the Act and the regulations framed thereunder. (8) A foreign portfolio investor whose certificate of registration is not valid and has not sold off the securities or wound up their open position in derivatives in India as per the provisions of these regulations shall be deemed to have written off the securities in such manner as may be specified by the Board from time to time. ] ************** NOTES:- 1. Substituted vide Notification No. SEBI/LAD-NRO/GN/2022/64 dated 14-01-2022 before it was read as, National Securities Depositories Limited 2. Substituted vide Notification No. SEBI/LAD-NRO/GN/2024/183 dated 31-05-2024 before it was read as, Provided that a foreign portfolio investor whose registration is not valid and who is holding securities or derivatives in India shall be allowed to sell such securities or wind up their open position in derivatives within one year from the date of publication of these regulations. 3. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/183 dated 31-05-2024