Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2007

S.O No SEBI/LAD/DOP/1446/2007 In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995, namely :-
1. These Regulations may be called the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2007.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995 –
(i) in regulation 2 –
a. clause (cc) shall be omitted;
b. clause (dd) shall be omitted;
c. in clause (f), the proviso shall be omitted;
(ii) in regulation 6, sub-regulation (2) shall be omitted;
(iii) in regulation 7, the third proviso shall be omitted;
(iv) in regulation 8, both the provisos shall be omitted;
(v) in regulation 15, in sub-regulation (3), for clause (d) the following clause shall be substituted, namely -
“(d) a Foreign Institutional Investor or a sub-account, shall, subject to such instructions as may be issued by the Board, deliver or cause to be delivered only securities in dematerialized form for settlement its transactions undertaken on a recognised stock exchange, except in cases where the issuer of such securities has not established connectivity with all depositories registered with the Board under Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996."