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SEBI clears 16 FII applications

MUMBAI: The Securities and Exchange Board of India (SEBI) Chairman, M. Damodaran, said that the market regulator has cleared 16 applications for registration of foreign institutional investor (FII) on Monday.

He also said that designated proprietary sub-accounts of the FIIs will have to apply for registration within 24 hours.

“If you are interested in converting to FIIs, send to us within 24 hours of this conference, a letter of intent indicating that we intend putting in our application. I would expect that the application, complete in all respect, should reach our office within a week from now,” said Mr. Damodaran in a videoconference with the FIIs.

He said some of the applications which were pending with the SEBI were either incomplete or incorrect.

Some of the FIIs who attended the conference in the SEBI headquarters include, CLSA, Citigroup, UBS and Morgan Stanley. The SEBI Chairman said “After we put on the paper (for discussion on Offshore Derivative Instruments, Participatory Notes (PNs)) we have received applications from a few entities.

Citibank, after talking to me, sent a letter by fax declaring that it intends to apply for FII registration. Twenty-four hours later, it couriered its application for FII registration. That gave a lot of happiness that people were responding to our request to fall within a certain regime. We are even happier to state that that application has been cleared before we came for the meeting.”

From February 3, 2004, issuers of PNs were put on notice that if they had issued PNs to unregulated entities, five years was the time available. “We have just crossed three years and seven or eight months or so and therefore, in giving you 18 months more to wind on these provisions, we think we will be a little liberal, which overshoot five years by a couple of months,” Mr. Damodaran added.

The draft proposal relating to PNs will be taken up at the SEBI board meeting on October 25.

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