TMI BlogEligibility criteria of foreign portfolio investorX X X X Extracts X X X X X X X X Extracts X X X X ..... eign portfolio investor if the applicant satisfies the following conditions namely: - (a) the applicant is not a resident Indian; (b) the applicant is not a non-resident Indian or an overseas citizen of India; 1 [ (c) non-resident Indians or overseas citizens of India or resident Indian individuals may be constituents of the applicant provided they meet the conditions specified by the B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the International Financial Services Centres and regulated by the International Financial Services Centres Authority; ii. such resident Indian, other than individuals, is a Sponsor or Manager of the applicant; and iii. the contribution of such resident Indian, other than individuals, shall be up to- a. 2.5% of the corpus of the applicant or US $ 7,50,000 (whichever is lower), in case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of a country whose central bank is a member of Bank for International Settlements: Provided that a central bank applicant need not be a member of Bank for International Settlements; (f) the applicant or its underlying investors contributing 4 [ more than the threshold prescribed under sub-rule (3) of rule 9 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 ] in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Intermediaries) Regulations, 2008; (h) any other criteria specified by the Board from time to time: Provided that clause (a), (d) and (e) shall not apply to an applicant incorporated or established in an International Financial Services Centre. ************* NOTES:- 1. Substituted vide Notification No. SEBI.LAD-NRO/GN/2021/32 dated 03-08-2021 before it was read as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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