India’s markets regulator on Thursday notified select offshore funds that meet certain conditions of the new enhanced disclosure requirements, according to a circular on the regulator’s website.

The Securities and Exchange Board of India (SEBI) said that offshore funds that have invested more than 50% of their assets in a single corporate group will have to disclose all their investors to the custodian banks within 90 days, through Money flows into the country. Starting 1st November.

Funds will have 10 days to reduce their investments below 50% to avoid increased disclosures.

Additionally, offshore funds holding more than 250 billion rupees ($3.03 billion) in Indian markets will have to disclose their investors. Sebi said these funds will have 90 days to bring down their investments below Rs 250 billion to avoid disclosure.

Government-owned funds, sovereign wealth funds, pension funds and public retail funds will be exempted from this requirement.

($1 = 82.5720 Indian Rupees)

(Reporting by Jayshree P. Upadhyay; Editing by Josie Cao)

(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content was auto-generated from a syndicated feed.)

first published: 24 August 2023 | 11:34 PM First

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