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SEBI eases FII-related investment norms

The Securities and Excahnge Board of India today amended the SEBI (Foreign Institutional Investors) Regulations, 1995 to provide for grant of registration to a sub-account which has at least 20 investors, with no single individual investor holding more than 10 per cent of the shares or units of the fund.

Prior to this amendment, the SEBI (FIIs) Regualtions, 1995 only broadbased sub-accounts having at least 50 investors with no single individual holding more than five per cent of the shares or units of the fund can be granted registration under an FII.

SEBI had received many requests from the FIIs for relaxation of the broadbased criteria on account of operational difficulties in fulfilling this criteria. SEBI has considered this issue in its meeting held on August 17,1999 and agreed to relax the broad-based criteria.

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