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Sebi relaxes disclosure norms for FIIs

BS Reporter  |  Mumbai 

The Securities and Exchange Board of India (Sebi) has relaxed the norms for disclosure of securities lent by foreign institutional investors (FIIs) to overseas entities. According to a circular issued on Tuesday, FIIs are now required to disclose information on a weekly basis, instead of the current practice of daily disclosures.

“It has been decided to modify the periodicity of these reports from daily to weekly submissions. In accordance with this change, FIIs shall now be required to submit them every Friday,” said the Sebi circular.

The new norms will be effective from July 2 and FIIs will be required to submit the first weekly report on July 9.

The public dissemination has also been changed accordingly to once a week (every Tuesday). The first such weekly dissemination will be made on July 13.

Till now, FIIs were submitting daily reports, based on which disclosures were made twice a week — on Tuesday and Friday.

The Sebi circular also adds that FIIs issuing participatory notes will be required to submit the following undertaking along with the weekly report: “Any fresh short position shall be immediately reported to Sebi.”

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First Published: Wed, June 30 2010. 00:44 IST