Circular, CIR/IMD/FIIC/11/2014, dated 16th June,
2014
Know Your Client (KYC) requirements for Foreign
Portfolio Investors (FPIs).
1.
Reserve Bank of India (RBI) has issued circular no. RBI/2013-14/552 DBOD.AML.BC.No.
103/14.01.001/2013-14 dated April 03, 2014 regarding harmonization of KYC norms
for FPIs.
2. In
the light of the above circular, it has been decided as follows:
a.
DDPs are advised to share the relevant KYC documents with the banks concerned
based on written authorization from the FPIs.
b.
Accordingly, a set of hard copies of the relevant KYC documents furnished by
the FPIs to DDPs may be transferred to the concerned bank through their
authorised representative.
c.
While transferring such documents, DDPs shall certify that the documents have
been duly verified with the original or notarised documents have been obtained,
where applicable. In this regard, a proper record of transfer of documents,
both at the level of the DDP as well as at the bank, under signatures of the
officials of the transferor and transferee entities, may be kept.
3. The
provisions of this circular are applicable for both new and existing FPI
clients.
4.
This circular is issued in exercise of powers conferred under Section 11(1) of
the Securities and Exchange Board of India Act, 1992 to protect the interests
of investors in securities and to promote the development of, and to regulate
the securities market.
5. The
circular is available on SEBI website at www.sebi.gov.in under the
categories "Legal framework" and "information for - FII".
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