India mkt regulator extends foreign portfolio investor rule implementation to June

MUMBAI, March 28 Fri Mar 28, 2014 8:22am EDT

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MUMBAI, March 28 (Reuters) - India's market regulator said on Friday it will push forward the implementation of its new Foreign Portfolio Investor (FPI) rules by two months to June 1 in order to give more time to market participants to comply with the norms.

The Securities and Exchange Board of India (SEBI) had approved the new rules last year aimed at streamlining the registration process for foreign investors.

"Market participants have communicated to SEBI that they are still in process of putting in place necessary systems and procedures to discharge their assigned role effectively," the regulator said in its circular.

SEBI will continue to accept registrations from foreign investors under its Foreign Institutional Investor (FII) and sub account rules till May 31.

For the SEBI circular, click (Reporting by Himank Sharma; Editing by Sunil Nair)

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