FPIs against SEBI's data localization provision

14 Dec 2022 , 10:28 AM

In a discussion paper floated on November 4, the SEBI (Securities and Exchange Board of India) proposed uniform standards for regulated entities, including foreign portfolio investors (FPIs), mutual funds and brokerages – while storing information on cloud.

According to the report by “Economic Times”, the FPIs argued against the Sebi mandate for localization.

Data localization mandates affect a variety of national security interests, including the ability of security actors to share information, promote cybersecurity, and fight the tools of digital authoritarianism.

Earlier, the Capital markets regulator Sebi has restructured its advisory committees pertaining to foreign portfolio investors (FPIs) and social stock exchange.

The committee has been entrusted with the task of advising the capital markets regulator on measures to facilitate ease of doing business by FPIs in India as well as encourage their participation in the bond market.

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