Sebi relaxes timelines for FPIs to make material event disclosures

Markets regulator Sebi on Wednesday relaxed timelines for disclosure of material changes by Foreign Portfolio Investors (FPIs).
The regulator categorised material changes notified by FPIs into two groups. Type I group includes changes that require FPIs to seek fresh registration, or which affect any privileges or exemptions available to such foreign investors and Type II includes all other material changes.
In its circular, Sebi said that FPIs are required to report Type I changes within seven working days and provide supporting documents within 30 days and Type II changes require notification and supporting documents within 30 days.
At present, FPIs get up to seven working days to submit information to the watchdog with regard to any material change in its structure or ownership or control or investor group.
Some of the Type 1 material changes include change of jurisdiction; name change on account of acquisition, merger, demerger, and ownership. Type II is any material changes oth