According to Sebi’s new regulations, FPIs – other than sovereign funds, pension funds and public retail funds – having more than 50% of their equity assets under management in a single corporate group or with total equity exposure of ₹25,000 crore or more would have to share the identities of their ultimate beneficial owners (UBOs) who are the last natural persons behind the multiple vehicles in an FPI structure. The rules are expected to be notified soon.
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