SECURITIES AND EXCHANGE BOARD OF INDIA

NOTIFICATION

Mumbai, the 13th February, 2001

Securities and Exchange Board of India

(Foreign Institutional Investors) (Amendment) Regulations, 2001

s.o. i28(E).—In exercise of the powers conferred by sub-section (1) of Section

30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the

Securities and Exchange Board of India hereby makes the following

regulations, namely: -

I. (1) These regulations may be called the Securities and Exchange Board of

India (Foreign Institutional Investors) (Amendment) Regulations, 2001.

(2) They shall come into force on the date of their publication in the official

Gazette.

THE GAZETTE OF INDIA: EXTRAORDINARY

IPARTII—SECJQJ)]

II. In Securities and Exchange Bdard of India (Foreign Institutional Investors)

Regulations, 1995:-

(a)ln regulation 9, after sub-regulation (1), the following provisos shall be

inserted, namely: -

"Provided that a Foreign Institutional Investor who does not desire to

renew its registration or has failed to make an application for renewal

under sub-regulation (1), shall, at the time of expiry of registration,

obtain a specific permission from the Board, for disinvesting the

securities held by it on its own account or on behalf of its sub-

account(s), within a stipulated time period, subject to such terms and

conditions as may be specified by the Board.

Provided further that where a Foreign Institutional Investor does not

desire to renew registration of any of its sub-account(s) or has failed to

make an application for renewal of registration of sub-account(s), the

Foreign Institutional Investor shall at the time of expiry of registration,

obtain, a specific permission from the Board, for disinvesting the

securities held by it on behalf of sub-account(s) within a stipulated time

period, subject to such terms and conditions as may be specified by

the Board."

(b) In regulation 15,

(i) in sub-regulation (1), after clause (d), the following clause shall be

inserted, namely:-

'(e) commercial paper'

(ii) in sub-regulation (2), in the explanation to proviso, the words,

'commercial paper¹, shall be inserted, after the words, 'government

securities' and before the words, 'and treasury bills'.

(iii) in sub-regulation (3), in clause (c), in the first proviso, the words,

'commercial paper¹, shall be inserted, after the words, 'government

securities' and before the words 'including treasury bills.'

[F.No.SEBI/LE/22961/Oll

D.R.MEHTA, Chairman

Footnote: -

1. SEBI (Foreign Institutional Investors) Regulations, 1995 the principal

regulation was published in the Gazette of India on November 14, 1995,

videNo.SEBI/LE/918(E).

2. SEBI (Foreign Institutional Investors) Regulations, 1995 was subsequently

amended -

(a) on October 9, 1996 by the SEBI (Foreign Institutional Investors)

(Amendment) Regulations, 1996 vide S.O. No. 702(E).

(b) on November 19, 1996 by the SEBI (Foreign Institutional Investors)

(Second Amendment) Regulations, 1996 vide S.O. No. 799(E).

Amendment Regulations, 1997 vide S.O. No. 105 (E).

(d) on July 10, 1997 by the SEBI (Foreign Institutional Investors)

Amendment Regulations, 1997 vide S.O. No. 495 (E).

(e) on December 5, 1997 by the SEBI (Foreign Institutional Investors)

(Third Amendment) Regulations, 1997 vide S.O. No 823 (E).

(f) on April 20, 1998 by the SEBI (Foreign Institutional Investors)

(Amendment) Regulations, 1998 vide S.O. No, 333(E).

(g) on May 18, 1998 by the SEBI (Foreign Institutional Investors) (Second

Amendment) Regulations, 1998 vide S.O. No. 417 (E).

(h) on June 30, 1998 by the SEBI (Foreign Institutional Investors) (Third

Amendment) Regulations, 1998 vide S.O. No. 545 (E).

(i) on April 16, 1999 by the SEBI (Foreign Institutional Investors)

(Amendment) Regulations, 1999, vide S.O. No. 263 (E).

(j) on February 29, 2000 by SEBI (Foreign Institutional Investors)

(Amendment) Regulations, 2000 vide S.O. No. 180(E).

(k) on October 20, 2000 by SEBI (Foreign Institutional Investors)

(Amendment) Regulations, 2000 vide S.O. No. 946 (E).

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