Sebi, the capital markets regulator, has changed the operating standards for depository participants and foreign portfolio investors (FPIs) in relation to registration certificates and name changes.
The new guidelines will take effect on May 9, according to a circular issued by the Securities and Exchange Board of India (Sebi) on Friday. The framework for FPI certificate of registration and name change, according to the regulator, has been amended. The designated depository participant (DDP) will give the certificate of registration for FPIs, which will bear the registration number generated by Sebi, according to the regulator. Sebi stated that if an FPI's name has changed, the designated depository participant will update the certificate name after receiving the request.
"The DDP will send such an applicant a letter and a new registration certificate acknowledging the name change." Respective depositories must make the required provisions for DDPs to produce a new registration certificate as an acknowledgment from their database, together with a statement that the name change was authorised without regard to any tax liability or implication in India," according to Sebi.
This comes after the capital markets regulator, Sebi, published guidelines in January this year for the production of FPI registration numbers.
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