New Delhi, Jan 6 (PTI) Markets regulator Sebi on Friday permitted asset management companies (AMCs) to provide management and advisory services to all FPIs operating from International Financial Services Centres (IFSCs).

This is subject to certain conditions, including that such Foreign Portfolio Investors (FPI) will be allowed to invest in mutual fund schemes other than the schemes in the category of "thematic", the Securities and Exchange Board of India (Sebi) said in a circular.

Also Read | Climate Change: Two Out of Three Glaciers Could Be Lost by 2100, Says Study.

For investment in equity and equity derivative securities listed on recognised stock exchanges in India, the FPIs will not be allowed to take contra-position for six months from the date of purchase or sale of such securities, it said.

It has been decided that AMCs may also provide management and advisory services to FPIs operating from IFSC and regulated by International Financial Services Centres Authority (IFSCA) not falling under the categories of FPIs specified by Sebi in its circular issued in December 2019, Sebi said.

Also Read | RBI KYC Update Guidelines: Good News for Bank Account Holders, Re-KYC Can Be Done Via Self-Declaration, Video-Based Facility for Fresh KYC.

The decision has been taken in consultation with IFSCA and based on the requests received from AMCs.

Earlier in December 2019, Sebi had allowed AMCs to provide management and advisory services to appropriately regulated FPIs that include pension funds, insurance companies and banks.

Further, AMCs were allowed to provide such services to government and government-related investors such as central banks, sovereign wealth funds, international or multilateral organisations or agencies, including entities, controlled or at least 75 per cent directly or indirectly owned by the such government and government-related investors.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)