SEBI vide Circular no. SEBI/ HO/ IMD/ FPI&C/ CIR/ P/ 2021/045 dated 30th March, 2021 has stated that while making an application to SEBI for seeking “No Objection Certificate” (NOC) for surrender, the DDP(Designated Depository Participant) shall confirm the following with respect to the FPI:
i)Accounts held by the applicant in the capacity of FPI have NIL balance and are blocked for further transactions.
ii)There are no dues/ fees pending towards SEBI.
iii)There are no actions/ proceedings pending against the said applicant.
iv)The CP code of the FPI is also blocked
