FPIs can write-off shares of all firms they are unable to sell

The Securities and Exchange Board of India (SEBI) has permitted foreign portfolio investors (FPI) to write-off shares of all companies which they are unable to sell.

Under the existing norms, write-off securities held by FPIs who wish to surrender their registration has been permitted only in respect of shares of companies which are unlisted or illiquid or suspended or delisted.

“However, in view of the requests received from various stakeholders, it has been decided to permit said FPIs to write-off shares of all companies which they are unable to sell,” it said.

For the write off, the process prescribed in the SEBI’s operational guidelines has to be complied with, the security market regulator said in a circular.

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