Disclose interest while giving advice: Sebi to FPIs

Overseas investors coming through Sebis newly created FPI route would need to disclose their direct and indirect interest in any securities about which they make public any investment advice.

While ushering in easier entry norms and operational framework for overseas entities seeking to invest in Indian markets,the proposed norms for foreign portfolio investors (FPIs) also provide for strong checks and balances against any fraudulent activities. The new norms,which were approved by Sebis board over weekend and would be notified soon,also contain a detailed Code of Conduct for the FPIs,a newly created category of overseas investors that would encompass existing classes like FIIs and QFIs.