Resident Indian Fund Managers to be Constituents of FPIs

The Finance Act 2020 amended Section 9A of the Income Tax Act, 1961, enabling resident Indian fund managers, beyond individuals, to be constituents of Foreign Portfolio Investors (FPIs). This amendment, along with amendments to SEBI regulations, aims to encourage Indian fund managers to contribute seed capital to offshore investment funds, fostering new business opportunities.

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These two rollouts of “[at]valid Handle” and “SEBI Check” are expected to significantly enhance investor protection by curbing fraudulent money collections by unregistered entities.

SEBI promotes standardised reporting, savings of over Rs. 200 crore over 5 years, 90 percent reduction in reporting requirements for Brokers or Members, lower cost of entry for new fintech.