Securities And Exchange Board Of India - Subsection
Section 22(4) in Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019
(4)Notwithstanding anything contained in sub-regulation (3), the clubbing of investment limit of foreign portfolio investors having common control shall not be applicable where -(a)foreign portfolio investors are appropriately regulated public retail funds; or(b)the foreign portfolio investors are public retail funds where the majority is owned by appropriately regulated public retail fund on look through basis; or(c)foreign portfolio investors are public retail funds and investment managers of such foreign portfolio investors are appropriately regulated.Explanation. - Public retail funds means -(i)mutual funds or unit trusts which are open for subscription to retail investors and which do not have specific investor type requirements like accredited investors;(ii)insurance companies where segregated portfolio with one to one correlation with a single investor is not maintained; and(iii)pension funds.
