THE SECURITIES AND Exchange Board of India (Sebi) may revive plans to create a central database or data repository to store beneficial ownership details of foreign portfolio investors (FPIs), according to people in the know.
The proposal to create such a central database was mooted a few years ago by the HR Khan Committee, but it was put on the back burner subsequently.
Earlier this month, Sebi reached out to custodians asking for beneficial ownership details of offshore funds and FPIs against the backdrop of the Adani saga. The regulator has also circulated a list of 10-15 entities to ascertain whether they are investment managers or fund administrators of specific FPIs, according to reports.
Beneficial owners (BOS) are the natural persons who own or control an FPI, and their details are currently captured by depository systems during the processing of the common application form (CAF).
The CAF consolidates the FPI registration with Sebi, application for permanent account number (PAN) and know your client (KYC) formalities for opening of bank and securities (demat) accounts in India, into one single master form.
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