Securities And Exchange Board Of India - Subsection
Section 15A(1) in Securities And Exchange Board Of India (Foreign Institutional Investors) Regulations, 1995
(1)No foreign institutional investor may issue, or otherwise deal in offshore derivative instruments, directly or indirectly, unless the following conditions are satisfied:(a)such offshore derivative instruments are issued only to persons who are regulated by an appropriate foreign regulatory authority;(b)such offshore derivative instruments are issued after compliance with `know your client' norms:Provided that where at the commencement of the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2008, any person other than a person regulated by an appropriate foreign regulatory authority is holding offshore derivative instruments issued by or on behalf of the foreign institutional investor, such foreign institutional investor shall ensure that they are cancelled, redeemed or closed out, before the thirty first day of March, 2009.
