MANU/SIPM/0003/2021

Ministry : Securities and Exchange Board of India

Department/Board : Investment Management Department

Circular No. : SEBI/HO/IMD/FPI&C/CIR/P/2021/045

Date : 30.03.2021

Notification/ Circulars Referred : Circular No. IMD/FPI&C/CIR/P/2019/124 dated November 05, 2019 MANU/SFII/0002/2019

Citing Reference:
Circular No. IMD/FPI&C/CIR/P/2019/124 dated November 05, 2019 MANU/SFII/0002/2019  Referred

To

1. Foreign Portfolio Investors ("FPIs")
2. Designated Depository Participants ("DDPs") and Custodians
3. The Depositories (NSDL and CDSL)
4. The Recognized Stock Exchanges(Exchanges) and Clearing Corporations

Dear Sir/Madam,

Guidelines pertaining to surrender of FPI registration

1. In terms of SEBI (Foreign Portfolio Investors) Regulations, 2019, any FPI ('applicant') desirous of surrendering the certificate of registration may request for such surrender to the DDP.

2. Operational Guidelines for FPIs and DDPs issued vide SEBI circular No. IMD/FPI&C/CIR/P/2019/124 dated November 05, 2019 prescribes the procedural requirements to be followed by the DDP for processing such requests.

3. In order to have a uniform market practice for processing of such surrender requests, DDPs shall adhere to the following additional guidelines:

a) While making an application to SEBI for seeking "No Objection Certificate" (NOC) for surrender, the DDP shall confirm the following with respect to the FPI:

i) Accounts held by the applicant in the capacity of FPI have NIL balance and are blocked for further transactions. Further, the CP code of the FPI is also blocked.