The Securities and Exchange Board of India (Sebi) on Thursday tweaked the disclosure norms around beneficial ownership for university funds under the Foreign Portfolio Investors (FPI).
The regulator has said exemption will be granted only if the fund’s India equity assets under management (AUM) is less than 25 per cent of the global AUM and global AUM is higher than Rs 10,000 crore. Further, these funds will have to furnish tax filing or return documents as evidence that they are non-profit organisations exempt from tax.
“The eligible jurisdictions with respect to the exemption granted to University Funds and University related Endowments shall be as specified by Sebi from time to time, in consultation with the pilot Custodians and DDPs Standards Setting Forum, through the Standard Operating Procedure,” said Sebi.
