Section 13A in Securities And Exchange Board Of India (Foreign Institutional Investors) Regulations, 1995
13A. [Responsibility of foreign institutional investors.- [Inserted by Not. F.No. LAD-NRO/GN/2008/10/126204, dated 22.5.2008]
(1)A foreign institutional investor shall be responsible and liable for all acts of commission and omission of all its sub-accounts and other deeds and things done by such sub-accounts in their capacity as sub-accounts under these regulations.(2)Nothing contained in sub-regulation (1) shall be deemed to detract from any responsibility or liability of the sub-account under these regulations or under any other law for the time being in force.(3)Sub-regulation (1) shall have effect irrespective of whether the foreign institutional investor exercises discretion in respect of funds of the subaccount or not.]
