The Securities and Exchange Board of India today asked depository participants to inform on a monthly basis about the average time taken by them to process applications for the registration of foreign portfolio investors. The move, which aims to bring transparency in the processing of such requests, will come into effect immediately.
The designated depository participants will have to provide the number of foreign portfolio investors' applications received and the average time taken in the processing of such applications during the immediate preceding month to the markets regulator fifth working day of every month, in a prescribed format.
"For the purpose of transparency in the processing of applications for FPI registration, it has been decided that the average time taken by the designated depository participants in processing such applications be disseminated on the SEBI's website on a monthly basis," the regulator said in a circular.
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