Section 12 in Securities And Exchange Board Of India (Foreign Institutional Investors) Regulations, 1995
12. Application for registration of sub-accounts.-
(1)A Foreign Institutional Investor shall seek from the Board registration of each sub-account on whose behalf he proposes to make investments in India:[Provided that before making an application for registration on behalf of a proposed sub-account being a foreign corporate, the foreign institutional investor shall verify the necessary details and documents and satisfy itself about the identity of the proposed sub-account after applying its know your client procedure.] [Inserted by Not. F.No. LAD-NRO/GN/2008/10/126204, dated 22.5.2008](2)Notwithstanding any thing contained in sub-regulation (1) above, any sub-account which has been granted approval prior to the commencement of these regulations by the Board shall be deemed to have been granted registration as a sub-account by the Board under these regulations.[(3) An application for registration as sub-account shall be made in Form AA.] [Substituted by S.O. 1332(E), dated 21.8.2006]
