MANU/SIPM/0017/2021

Ministry : Securities and Exchange Board of India

Department/Board : Division of Foreign Portfolio Investors and Custodians

Circular No. : SEBI/HO/FPI&C/P/CIR/2021/656

Date : 08.11.2021

Notification/ Circulars Referred : Circular number IMD/FPI&C/CIR/P/2019/124 dated November 05, 2019 MANU/SFII/0002/2019;Circular number SEBI/HO/IMD/FPI&C/CIR/P/2020/177 dated September 21, 2020 MANU/SFII/0004/2020

Citing Reference:
Circular number IMD/FPI&C/CIR/P/2019/124 dated November 05, 2019 MANU/SFII/0002/2019  Referred

Circular number SEBI/HO/IMD/FPI&C/CIR/P/2020/177 dated September 21, 2020 MANU/SFII/0004/2020  Referred

To,

1. Foreign Portfolio Investors ("FPIs")
2. Designated Depository Participants ("DDPs") and Custodians
3. All Recognized Stock Exchanges/ Clearing Corporations
4. All recognized Stock Exchanges and Clearing Corporations in International Financial Services Centres
5. The Depositories (NSDL and CDSL)

Dear Sir / Madam,

Write-off of debt securities held by FPIs who intend to surrender their registration

1. SEBI, vide circular number IMD/FPI&C/CIR/P/2019/124 dated November 05, 2019, read with circular number SEBI/HO/IMD/FPI&C/CIR/P/2020/177 dated September 21, 2020, has permitted FPIs who wish to surrender their registration to write-off all shares in their beneficiary account which they are unable to sell for any reason.

2. In view of the requests received from various stake holders, it has now been decided to permit the FPIs to also write-off all debt securities in their beneficiary account which they are unable to sell for any reason. This shall be applicable only to such FPIs who wish to surrender their registration.

3. Para 17 of Part C of the aforementioned circular dated November 05, 2019 stands modified to the extent of the provisions of this circular.