General Obligations and Responsibilities

The FVCIs have to maintain for a period of eight years, books of accounts records documents which would give a true and fair picture of their affairs and intimate to SEBI the place where they are being maintained. They may be called upon at any time by SEBI to furnish within a specified time any information with respect to any matter relating to their activities. Moreover, they a global custodian acting on their behalf should enter into an agreement with the domestic custodian to act as a custodian of securities for them. They have also to ensure that the domestic custodian takes steps for (i) monitoring of their investments in India. (ii) furnishing of periodic reports to, and such information as may be called for by SEBI. A branch of a bank approved by the RBI should be appointed by the FVCIs the as designated bank for opening of foreign currency denominated accounts special non resident rupee account.

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