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SEBI tightens ODI norms for FIIs
May, 31st 2008

The Securities and Exchange Board of India on Tuesday tightened the norms for foreign institutional investors (FIIs) to issue overseas derivative instruments (ODIs) by asking them to give an undertaking that these instruments are not issued to non-resident Indians (NRIs) and Indian residents.

FIIs have to give the prescribed undertaking to SEBI stating that, We undertake that we/our associates have not issued/subscribed/purchased any of the offshore derivative instruments directly to/from non-resident Indians/Indian Residents. SEBI also asked FIIs to submit another separate note along with the monthly ODI report stating their investments in ODIs as percentage of FIIs total assets under custody.

Recently, in an order concerning Goldman Sachs, SAT reversed an order of SEBI, which penalised the FII of Rs. 1 crore for not submitting detailed information of issuance of ODIs to their clients abroad.

 
 
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