IFSCA has consulted with SEBI and other authorities to facilitate increased investments by NRIs and OCIs in the Indian securities through IFSC based FPIs. Pursuant to these discussions, the SEBI Board, in its meeting held on April 30, 2024, has approved the following alternative routes for increased participation by NRIs and OCIs in Indian securities through IFSC based FPIs:
- Alternative route 1: NRI/OCI/RI investors may contribute up to 100% in the corpus of IFSC based FPIs
where such FPIs will be, inter alia, required to submit copies of PAN (or other suitable documents in the absence of the same), of all their NRI/OCI/RI individual constituents, along with their economic interests in the FPI, to the DDP. The modalities for this alternative shall be specified by SEBI. - Alternative route 2: NRI/OCI/RI investors may contribute up to 100% in the corpus of IFSC based FPIs without the FPI required to submit the above-mentioned documents, provided it satisfies conditions detailed in paragraph 3 below.
