SEBI Update: ODIs – Issuance and Granular Disclosure Norms

Monday, December 23, 2024
(07:00 PM – 08:00 PM IST)

INTRODUCTION:

SEBI, in its circular, dated December 17, 2024, issued directives with respect to issuance of Offshore Derivative Instruments (ODIs) by the Foreign Portfolio Investors, including prescribing a prohibition on ODIs referencing derivatives. Further, it has also mandated applicability of granular disclosure norms on the ODI subscribers breaching the concentration and size criteria in one way or the other. SEBI has also clarified how shall the above-mentioned criteria apply in case of an FPI having a segregated portfolio. While the prohibition on ODI with derivatives as underlying comes into force with immediate effect, the additional disclosure related compliances have a gestation period of 5 months.

Thus, the webinar would focus on the details and nuances of the abovesaid SEBI directives.

Flow of the session

07:00 PM to 07:45 PM (IST)

Panel Session

07:45 PM to 08:00 PM (IST)

Audience Q&A

 

Speakers:

KISHORE JOSHI

Lead, Financial Regulatory Practice

Nishith Desai Associates

Kishore Joshi leads the Financial Regulatory Practice at Nishith Desai Associates. He has over two decades of experience in advising clients on securities and exchange control laws. He advises foreign clients on structuring of their investments into India, including assisting in obtaining approvals or filings with the regulators. He also advises leading foreign hedge funds in the structuring of their investments and seeking necessary registrations with the SEBI, be it FPIs, Foreign Venture Capital (FVCIs) Investors or stock brokers, etc.

Kishore has interacted extensively with the securities and exchange control regulator and has made numerous representations seeking reform in the law. In addition, he regularly advises clients on fund investments, issues related to corporate and regulatory laws. He has made several presentations on inbound and outbound investments.

 

Prakhar Dua

Co-Lead, Financial Regulatory Practice

Nishith Desai Associates

Prakhar Dua co-leads the Financial Regulatory Practice at Nishith Desai Associates. He specialises in securities and foreign exchange laws, with special focus on the offshore hedge funds making investments in the Indian securities market.

Prakhar advises overseas businesses on FPI/FDI structuring and investments, stock broking and trading related queries, investment advisers and research analyst regulations, overseas investment rules and regulations, and other SEBI and RBI related mandates.

He frequently interacts with the officials at SEBI and RBI and has also played key role at the firm in making policy and legal recommendations to SEBI on certain FPI related issues.

He also often authors articles on contemporary regulatory subjects and issues, and has been published in forums, such as the Bombay Stock Exchange Brokers’ Forum Views Magazine, the National Law Review, etc. He also frequently gets quoted in newspapers / news agencies, viz., the Business Standard, the Economic Times, the Financial Express and Reuters.

 

Ritul Sarraf

Member, Financial Regulatory Practice

Nishith Desai Associates

Ritul is a member of the Financial Regulatory Practice at Nishith Desai Associates. She regularly advises clients on regulatory and securities law matters, with primary focus on FPIs, FVCIs, and other SEBI intermediaries, like investment advisors, research analysts and stockbrokers. She frequently interacts with SEBI officials and has authored articles on developments in the regulatory landscape, including the FPIs regime and other securities law issues.