The Indian capital markets regulator has hardened the conditions under which foreign portfolio investors (FPIs) with outsized exposures would be spared from making full disclosure of the investors in the fund.
This was communicated by the Securities & Exchange Board of India (Sebi) to custodians of offshore funds, two persons aware of the regulatory changes told ET. Custodians are banks and non-bank institutions holding cash and securities on behalf of FPIs.
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