On May 24, 2019, SEBI published the report of the Working Group under the chairmanship of Harun R. Khan, constituted to review the SEBI (Foreign Portfolio Investors) Regulations, 2014 (‘FPI Regulations’). The recommendations of the Working Group range from fast tracking the on boarding process for select Category II FPIs, removal of the opaque structure definition, separate registration for sub-funds of a fund with segregated portfolio, permitting FPIs for off-market transactions, reclassification of investment from FPI to foreign direct investment (FDI) and strengthening the offshore derivative instruments framework. We will circulate further updates if and when SEBI adopts any such recommendations of the Working Group. AZB & Partners was a member of this Working Group.