The Securities and Exchange Board of India (SEBI) has
announced the revised guidelines for know your client (KYC) requirement for
foreign portfolio investors (FPIs) allowing non-resident Indians (NRIs),
resident Indians (RIs) and overseas citizens of India (OCIs) to be part of
such FPIs investing in India.
Such NRIs, OCIs and RIs can be part of a FPI if their
aggregate holding in such an overseas fund is less than 50% of the corpus of the
fund. Further, the individual share of such entities cannot exceed 25% in an
“Contributions by NRI/ OCI/ RI, including those of NRI/
OCI/ RI controlled investment manager, should be below 25% from a single NRI/
OCI/ RI and in aggregate should be below 50% to corpus of FPI,” SEBI said in a
circular issued on Friday.
Existing FPIs will be given two years’ time — from the
date the new regulations come into force — to fulfill the new eligibility
criteria. Also, in case of a temporary breach of the norms, the entity will get
90 days to comply with the regulations.
Moscow and Beijing lashed out on Friday at
Washington’s new anti-Russian sanctions that also target China for the first
time, warning the the United States could face consequences.
President Vladimir Putin’s spokesman accused Washington of
playing unfairly and using new measures to squeeze Moscow out of the global arms
market, after the United States slapped sanctions on China for buying Russian
warplanes and missiles and threatened to target its other clients.
“This is unfair competition, dishonest competition, an
attempt to use non-market methods that run counter to norms and principles of
international trade to squeeze the main competitor of U.S. makers out of the
markets,” said Kremlin spokesman Dmitry Peskov.
On Thursday, Washington placed financial sanctions on the
Equipment Development Department of the Chinese Defence Ministry, and its top
administrator, for the recent purchase of Russian Sukhoi Su-35 fighter jets and
S-400 surface-to-air missile systems. It was the first time a third country has
been punished under the CAATSA sanctions legislation for dealing with Russia,
signalling Donald Trump’s readiness to risk relations with other countries over
“The U.S. actions have seriously violated the basic
principles of international relations and seriously damaged the relations
between the two countries and the two militaries,” said Chinese Foreign Ministry
spokesman GengShuang. “We strongly urge the U.S. to immediately correct their
mistake and withdraw their so-called sanctions, otherwise the U.S. will have to
bear the consequences.”
The Indian Space Research Organisation (ISRO) is
setting up a third launch pad at Sriharikota to undertake the Gaganyaan
manned space flight programme, an ISRO official said on Friday. In addition,
ISRO is scouting for a location on the western sea coast near Gujarat to set
up another launch pad for Small Satellite Launch Vehicles (SSLV).
“We have two launch pads currently, which are already
full. A third launch pad is being set up for the human space flight. It will be
ready in time for the mission,” a senior ISRO official said.
ISRO Chairman Dr. Sivan had stated earlier that ISRO has
begun work on the manned mission in 2004, and that many of the critical
technologies required for human spaceflight have already been validated through
various tests — Space Capsule Recovery Experiment, Crew Module Atmospheric
Re-Entry Experiment and Pad Abort Test.
ISRO will use its GSLV Mk-III launch vehicle, which can
carry the heavier payload of the Gaganyaan, and this will take off from the new
In addition to the third launch pad at Sriharikota, ISRO
is also scouting for a new location near Gujarat for the SSLV.
ISRO is developing the SSLV to offer affordable launch
options for smaller satellites through Antrix, the space agency’s commercial
arm. ISRO currently piggybacks smaller satellites on the PSLV and GSLV along
with bigger satellites.