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FIIs to pay registration fee

MUMBAI JAN. 1. In an effort to simplify the process of registration of foreign institutional investors, the Securities and Exchange Board of India today said prospective FIIs should pay fees to the market regulator while seeking registration. Similarly, those FIIs and sub-accounts seeking renewal of their registration should submit the fees as prescribed by the market regulator along with their application, SEBI said in communication to custodians.

On December 17 last, the Reserve Bank of India had decided to do away with the requirement of obtaining its clearance and SEBI separately. As a consequence, authorised dealers have been allowed, through general permission, to open a bank account for a SEBI registered FII.

PTI

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