Financial Daily from THE HINDU group of publications
Thursday, Dec 02, 2004
Financial Daily from THE HINDU group of publications Thursday, Dec 02, 2004 |
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Markets
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Foreign Institutional Investors SEBI modifies FII application procedure Our Bureau
Mumbai , Dec. 1 THE Securities and Exchange Board of India (SEBI) has made modifications in the application form that foreign institutional investors have to fill up to obtain their unique identification number. According to SEBI's directive released in September 2004, it would be mandatory for foreign institutional investors (FIIs) to quote their unique identification number for all trades from April 1, 2005. Subsequently, custodians on behalf of the FIIs and their sub accounts had submitted several representations to SEBI regarding the difficulties they face in complying with the requirements of the registration procedure. "Pursuant to the above, a series of meetings was also held with the custodians during which certain amendments/modifications to the Application Forms were suggested in order to ease out the problems faced by the FIIs and their sub-accounts during the registration procedure," said a SEBI release. The market regulator has published the new applicable form on its Web site.
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