Bizbits

FII sub-account norms eased

MUMBAI: SEBI has simplified the procedure for registration of sub-accounts of foreign institutional investors FIIs and proposed grant of registration within three days.

With a view to expedite the grant of registration to sub-accounts, FIIs registered with SEBI would only be required to submit details of the sub-account along with an undertaking and a fee of 1000. No other document or enclosures would be necessary, SEBI said.

Registration would be granted merely on the basis of the undertaking given by the FII and the latter would have to conduct the due-diligence exercise to verify the eligibility of the sub-accounts, the regulator added in a release. In case any details are subsequently found to be incorrect, the FII would become liable for appropriate action.