 "sebi")
The Securities and Exchange Board of India (Sebi) has sought an explanation from foreign portfolio investors (FPIs) for the delay in providing details of ultimate beneficial owners (UBO) under its new disclosure norms.
Such funds must provide details of foreign investors who make collective investments in offshore schemes.
According to sources, several FPIs showed their apprehension in providing beneficial owner details. Beneficial owners are natural persons who ultimately own or control an FPI.
According to sources, the regulator has initiated inspection of the custodians of these FPIs to check why they are unable to comply with the beneficial ownership criterion
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