FPIs seek legal route to dodge Sebi norms; deadline to disclose BO expires

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FPIs seek legal route to dodge Sebi norms; deadline to disclose BO expires - Business Standard

Quick Summary:

Some FPIs have sought legal avenue to avoid complying with rules requiring disclosure of ultimate beneficial ownership (BO) to the markets regulator Sebi as the deadline expires on Monday.

Two Mauritius-based foreign portfolio investors -- LTS Investment Fund and Lotus Global Investment -- have reportedly approached the Securities Appellate Tribunal (SAT) to seek urgent relief from adhering to Sebi's new norms for foreign investors.

Sebi set a deadline of September 9 for non-compliant FPIs that fail to provide detailed ownership disclosures to sell off their excess holdings and correct their violations.