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NRI policyholders or different policyholders residing out of India can not apply beneath Policyholder Reservation Portion. As per the FAQ part within the LIC DRHP, “Whether or not NRI policyholders or different policyholders residing out of India can apply within the Supply? No, solely resident Indians can apply.”
The DRHP additionally states, “My main daughter is finding out in Canada. Whether or not she could be eligible to Bid beneath the Policyholder Reservation Portion class as she is having a coverage in India? She must be residing in India in the course of the Bid/Supply interval to be eligible for making use of within the Supply.”
NRIs and different Indians residing overseas who wish to bid for the IPO can accomplish that by way of the Retail Buyers Bidder (RIB) route. Nonetheless, by this route he’ll have the ability to apply for no more than Rs 200, 000.
Right here what NRIs who wish to spend money on the LIC IPO ought to know, as per the small print accessible within the DRHP.
Bids by Eligible NRIs
Who is taken into account as eligible NRI
Based on the DRHP filed with Sebi, “NRI(s) from jurisdictions exterior India the place it isn’t illegal to make an Supply or invitation beneath the Supply and in relation to whom the ASBA Kind and the Crimson Herring Prospectus will represent an invite to subscribe to or to buy the Fairness Shares”.
As per LIC DRHP, NRI is outlined as “a person being a citizen of India or an individual of Indian origin who is just not a resident as per the Act. An individual is deemed to be of Indian origin if he, or both of his dad and mom or any of his grandparents, have been born in undivided India.”
Quantity that may be bid
Based on DRHP, “Bids by Eligible NRIs for a Bid Quantity of lower than Rs 200,000 could be thought-about beneath the Retail Portion for the needs of allocation and Bids for a Bid Quantity exceeding Rs 200,000 could be thought-about beneath the Non-Institutional Portion for allocation within the Supply.”
Eligibility and Promoting and Switch Restrictions
NRI who’ve obtained the preliminary providing memorandum for the supply, which incorporates, amongst different issues, the promoting restrictions for the supply exterior India is eligible to bid for fairness shares.
LIC DRHP acknowledged: “No individual exterior India is eligible to Bid for Fairness Shares within the Supply until that individual has obtained the preliminary providing memorandum for the Supply, which incorporates, amongst different issues, the promoting restrictions for the Supply exterior India.”
NRI bidders utilizing Non-Resident Types
Eligible NRI Bidders utilizing the Non-Resident Types ought to authorise their SCSBs or affirm or settle for the UPI Mandate Request accounts to dam their Non-Resident Exterior (“NRE”) or Overseas Forex Non-Resident (“FCNR”) accounts.
NRI bidders utilizing Resident Types
Eligible NRI Bidders utilizing the Resident Types ought to authorise their respective SCSBs or affirm or settle for the UPI Mandate Request accounts to dam their Non-Resident Exterior (“NRE”) or Overseas Forex Non The FEMA Rules govern the participation of eligible NRIs within the Supply.
As per LIC DRHP: “Eligible NRIs might acquire copies of Bid cum Software Kind from the Designated Intermediaries. Eligible NRI Bidders Bidding on a repatriation foundation by utilizing the Non-Resident Types ought to authorize their SCSB (if they’re Bidding straight 561 by the SCSB) or affirm or settle for the UPI Mandate Request (in case of RIBs Bidding by the UPI Mechanism) to dam their Non-Resident Exterior (“NRE”) accounts, or Overseas Forex Non-Resident (“FCNR”) Accounts, and eligible NRI Bidders Bidding on a non-repatriation foundation by utilizing Resident Types ought to authorize their respective SCSBs (if they’re Bidding straight by SCSB) or affirm or settle for the UPI Mandate Request (in case of RIBs Bidding by the UPI Mechanism) to dam their Non-Resident Extraordinary (“NRO”) accounts for the total Bid Quantity, on the time of the submission of the Bid cum Software Kind. Participation of Eligible NRIs within the Supply shall be topic to the FEMA Rules. NRIs shall be permitted to use within the Supply by Channel I or Channel II (as specified within the UPI Round).”
“Additional, topic to relevant regulation, NRIs might use Channel IV (as specified within the UPI Round) to use within the Supply, offered the UPI facility is enabled for his or her NRE/ NRO accounts,” acknowledged.
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