Foreign Portfolio Investors: SEBI introduces regime rollover for FIIs and QFIs

 

Friday, DECEMBER 20, 2013, 6:00 PM (IST)

INTRODUCTION

In a bid to simplify and rationalize the foreign portfolio investment regime, the Securities and Exchange Board of India (“SEBI”) seeks to introduce the Foreign Portfolio Investors (“FPI”) regulations. The FPI regime was proposed in the Committee on Rationalisation of Investment Routes and Monitoring of Foreign Portfolio Investments chaired by Mr. K.M. Chandrasekhar in 2013. Please refer to our hotline for an analysis of the proposals made by the committee here.

Under the FPI regime, SEBI proposes to harmonize foreign institutional investors (“FIIs”), sub-accounts and qualified foreign investors (“QFIs”) into a single investor class with a view to ensure uniform guidelines and provide a single window clearance for different categories of foreign investors.

FPI regime is expected to introduce a risk-based approach towards investor Know Your Customer requirements, ease the entry process and reduce timelines for investor participants. However, it remains to be seen how SEBI addresses the key issues that foreign investors currently deal with - ambiguity on the ‘broad based’ criteria, eligibility to hold offshore derivative instruments and clubbing of investment limits.

We cordially invite you to be a part of our webinar where we will discuss in greater detail nuances of the proposed FPI regime, its implications on participating investors, registration process to be followed and some of the key issues that are likely to impact the industry.

Focus Area

Regime for Foreign Portfolio Investors  

Speakers

Pratibha Jain

Partner, Nishith Desai Associates

Pratibha is a Partner and also the Head of the Delhi office of Nishith Desai Associates. Pratibha brings with her a breadth of international and Indian experience having worked in New York, Tokyo, Hong Kong and Mumbai. She was previously the Vice President and Counsel for Goldman Sachs in India. She has earlier worked as an associate with Sullivan & Cromwell LLP in their New York, Tokyo and Hong Kong offices and with Skadden Arps Slate Meagher and Flom LLP in their Hong Kong office.

Pratibha's educational qualifications include B.A (Economics) Hons. and LL.B. degree from Delhi University, a Bachelor of Civil Law degree from the University of Oxford, where she was a St. Catherine's College Bursary Holder; and a LL.M. degree from the Harvard Law School, where she was a Samuel Morse Lane Fellow.

Pratibha has extensive experience in US and Indian securities laws. Her areas of focus include private equity, mergers and acquisitions, corporate and regulatory advisory and public policy matters.

Kishore Joshi

Senior Associate, Funds, Nishith Desai Associates

Kishore is an expert on foreign portfolio investments. He is a senior member of the Corporate and Securities Practice Group and Funds Practice Group at the firm. He focuses on various aspects of exchange control regulations including setting up of offices in India, outbound investments, etc. and also handles matters related to FII.

He has advised clients on several fund investments, issues related to corporate and securities laws, foreign direct investment and other exchange control laws.

Richie Sancheti

Senior Associate, Funds, Nishith Desai Associates

Richie is a senior member of the funds practice group at Nishith Desai Associates with over 6 years of experience in advising clients targeting Indian asset class. He is also a member of the firm's international tax and private equity investments practice groups.

With a strong funds background, Richie also advises on suitable structures for setting up onshore and offshore investment funds with private equity, venture capital and other investment strategies; setting up the funds’ management structure and advising offshore funds on India entry strategy including advising them on registrations such as Foreign Venture Capital Investors (FVCI) and Foreign Institutional Investor (FII).

Flow of the session

6:00 PM TO 6:45 PM (IST):

Webinar                                                                 

6:45 PM TO 7:15 PM (IST):

Q & A