Securities And Exchange Board Of India - Subsection
Section 21(1) in Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019
(1)No foreign portfolio investor may issue, subscribe to or otherwise deal in offshore derivative instruments, directly or indirectly, unless the following conditions are satisfied -(a)such offshore derivative instruments are issued only by persons registered as Category I foreign portfolio investor;(b)such offshore derivative instruments are issued only to persons eligible for registration as Category I foreign portfolio investors;Explanation. - For the purpose of this sub-regulation, where an entity has an investment manager who is from the Financial Action Task Force member country, the investment manager shall not be required to be registered as a Category I foreign portfolio investor;(c)such offshore derivative instruments are issued after compliance with the 'know your client' norms as specified by the Board; and(d)such other conditions as may be specified by the Board from time to time.
