Application may be sent to:

The Division Chief

FII Division

Securities and Exchange Board of India,

224, Mittal Court, ‘B’ Wing, 1st Floor,

Nariman Point, Mumbai – 400 021.

INDIA

The registration procedure operates as a single window procedure through SEBI in which the following steps are involved.

1. SEBI forwards one set to Reserve Bank of India.
2. The application is processed by SEBI to determine its eligibility for grant of registration as foreign institutional investor.
3. After the initial processing is complete, SEBI writes to Reserve Bank of India mentioning the eligibility of the applicant. At the same time , a letter is sent to applicant asking it to submit the registration fees of US$5,000 through a demand draft drawn in favour of "Securities and Exchange Board of India" payable at New York.
4. Reserve Bank of India gives approval to the FII through its designated bank. This approval is granted Foreign Exchange Management Act and enables the FII(s) to open a bank account. This is a special non-resident rupee account of the FII meant purely for inward remittance and meeting payment obligation with regard to securities market. It may be noted that all balance lying in this account are fully repatriable.
5. Upon receipt of fees from the applicant and FEMA approval from Reserve Bank of India, SEBI grants the certificate of registration, which is valid for five years, and may be renewed thereafter.

• Application in Form A duly signed by the authorised signatory of the applicant.
• Certified copy of the relevant clauses or articles of the Memorandum and Articles of Association or the agreement authorizing the applicant to invest on behalf of its clients
• Audited financial statements and annual reports for the last one year , provided that the period covered shall not be less than twelve months.
• A declaration by the applicant with registration number and other particulars in support of its registration or regulation by a Securities Commission or Self Regulatory Organisation or any other appropriate regulatory authority with whom the applicant is registered in its home country.
• A declaration by the applicant that it has entered into a custodian agreement with a domestic custodian together with particulars of the domestic custodian.
• A signed declaration statement that appears at the end of the Form.
• Declaration regarding fit & proper entity.

1. Pension Funds

2. Mutual Funds

3. Investment Trust

4. Insurance or reinsurance companies

5. Endowment Funds

6. University Funds

7. Foundations or Charitable Trusts or Charitable Societies who propose to invest on their own behalf, and

1. Asset Management Companies

2. Nominee Companies

3. Institutional Portfolio Managers

4. Trustees

5. Power of Attorney Holders

6. Bank

Who propose to invest their proprietary funds or on behalf of "broad based" funds or on of foreign corporate and individuals.

1. Applicant should have track record, professional competence, financial soundness, experience, general reputation of fairness and integrity.
2. The applicant should be regulated by an appropriate foreign regulatory authority in the same capacity/ category where registration is sought from SEBI. Registration with authorities, which are responsible for incorporation, is not adequate to qualify as Foreign Institutional Investor.
3. The applicant is required to have the permission under the provisions of the Foreign Exchange Management Act, 1999 from the Reserve Bank of India.
4. Applicant must be legally permitted to invest in securities outside the country or its in-corporation / establishment.
5. The applicant must be a "fit and proper" person.
6. The applicant has to appoint a local custodian and enter into an agreement with the custodian. Besides it also has to appoint a designated bank to route its transactions.
7. Payment of registration fee of US$ 5,000.00.

There are two categories of sub-accounts:

1. Broad-based / Proprietary sub-accounts which are allowed to individually invest upto 10% of the total issued capital.
    
2. Foreign Corporate and foreign individuals. Investments by each sub-account in this category should not exceed 5% of the issued capital.

The fee may be paid by a bankers cheque or bank draft drawn in favour of "Securities and Exchange Board of India" payable at a bank in New York.

1. In the name of the Foreign Institutional Investor if the FII is investing on its own behalf.
    
2. In the name of the sub-account if the FII is investing on behalf of the sub-account
     
3. In the name of the Foreign Institutional Investor a/c sub-account if the FII is investing on behalf of the sub-account

A. Request for change in name by the Foreign Institutional Investor mentioning reasons for name change of the FII and/or sub account.

B. Certificate from the Registrar of Companies, and/or approval from home regulator.

C. Original Registration Certificate issued by SEBI to the Foreign Institutional Investor

SEBI will record the request of name change and issue a no-objection letter in this regard. The information regarding name change should be submitted immediately after the change has taken place in the home country and the requisite approval from the home regulator (if needed) has been taken.