With an aim to bring transparency in processing of applications for FPI registration, Sebi Thursday asked depository participants to inform on monthly basis about the average time taken by them in dealing such requests.
The designated depository participants (DDPs) will have to provide the number of foreign portfolio investors (FPI) applications received and the average time taken in processing of such applications during the immediate preceding month to Sebi (Securities and Exchange Board of India) by fifth working day of every month, in a prescribed format.
"For the purpose of transparency in the processing of applications for FPI registration, it has been decided that the average time taken by the DDPs in processing such applications be disseminated on Sebi's website on a monthly basis," the regulator said in a circular.
This circular will come into effect immediately, the regulator noted.
Under the norms, DDP will have to endeavour to dispose of the application for grant of registration as soon as possible but not later than 30 days after receipt of such application by the DDP.
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