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August 5, 2013

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  1. Foreign Institutional Investor (FII)/ Qualified Financial Institutions (QFI) investments in Security Receipts

  2. The SEBI has, vide circular no. CIR/IMD/FIIC/9/2013, dated, 09.07.2013, informed all the FIIs that –

    • Department of Industrial Policy and Promotion(DIPP) issued consolidated FDI policy in April, 2013 stating that the FII's can invest in security receipts given by ARC's upto the limit specified above and further changes made from time to time.

    • Investment by FIIs in securities of Asset reconstruction companies (ARC) should be within the prescribed corporate debt limit. (Presently the FII investment limit in corporate debt is USD 50 billion.)

    • It is further informed that the investments of FIIs in the security receipts would also be subject to terms and conditions specified by the Reserve Bank of India.

  3. Arbitration Mechanism in Stock Exchanges

  4. The SEBI has, vide circular no. CIR/MRD/ICC/20/2013, dated 05.07.2013, modified the Para No. 8 of the Circular No. CIR/MRD/DSA/24/2010, dated 11.08.2010.

    The modified Para No. 8 now explains as follows:

    • The Stock Exchanges having nationwide terminals, shall provide arbitration facility as well as appellate arbitration at least at all centres specified by SEBI, or at the additional centres if the stock exchanges so desire. The arbitration and appellate arbitration shall be conducted at the centre nearest to the address provided by the client in the KYC form.

    Presently, these facilities are being provided at 8 centres- Delhi, Mumbai, Kolkata, Chennai, Ahmedabad, Hyderabad, Kanpur & Indore.

    • Other stock exchanges, which do not have nation wide terminals, shall provide the arbitration facility & appellate arbitration at the place where it is located.

    • If there is any appeal to be made against the decision of the appellate panel, then such application for appeal shall be made u/s 34 of the Arbitration & Conciliation Act, 1996, with competent court nearest to the address provided by the Client in the KYC form.

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