At a meeting on Tuesday, the Indian capital market regulator has told the accounting biggies in no uncertain terms to generate the mandatory confirmation certificate overnight so that offshore funds managers can repatriate the money from the sale of stocks here to other international markets the very next day.
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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