June 16, 2014 8:23 PM

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SEBI asks DDPs to share FPI info with banks

Market regulator Securities & Exchange Board of India (SEBI) on Monday asked Designated Depository Participants (DDPs) to share information about foreign portfolio investors with banks. The move is part of Sebi's efforts to harmonies KYC norms with that of the Reserve Bank of India (RBI). Sebi-approved depository participants are responsible for granting registration to FPIs under the new framework.In a circular issued from Mumbai on Monday the SEBI said a set of hard copies of the KYC documents furnished by the FPIs to DDPs may be transferred to the concerned bank through their authorized representative.It further said while transferring such documents, DDPs will have to certify that the documents have been duly verified with the original. Under the new norms, FPIs have been divided into three categories as per their risk profile and the KYC requirements.

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