Offshore funds need not disclose investors in certain cases, says Sebi

India's markets regulator has exempted offshore funds from naming their investors under certain circumstances, it said on Wednesday, partly easing the disclosure rules it put in place last year.

Any offshore funds with more than 50% of its assets in a group of companies will not have to disclose its investors if the apex company in that group does not have a large shareholder or promoter, the Securities and Exchange Board of India (SEBI) said in a circular.

Promoter is an Indian markets term for large shareholders who can influence company policy.

Last year, SEBI asked offshore funds with 50% of their assets in a single group of companies and with more than 250 billion rupees ($3 billion) in Indian equity markets to disclose their investors.

In making the exemption, SEBI said the stock exchanges will have to identify the companies with no large shareholder or promoter.

However, the regulator said such offshore funds will still need to make required disclosures within 10 days if they hold more than 3% of the company.