Short title and commencement.

1 · (1) These regulations may be called the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019.

2 · (1) In these regulations, unless the context otherwise requires, the terms defined herein shall bear the meanings assigned to them below, and their cognate expressions and variations shall be construed accordingly,—

2 · [(p)] "resident Indian" shall have the same meaning assigned to the term "person resident in India" under the Foreign Exchange Management Act, 1999;

1 · Substituted for "regulation 2 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017" by the SEBI (Foreign Portfolio Investors) (Amendment) Regulation, 2019, w.e.f. 19 -12 -2019.

2 · Substituted for "(q)" by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2025, w.e.f. 1-06-2026.

3 · [(q)] "Schedule" means a Schedule to these regulations;

4 · [(r) " Single Window Automatic and Generalised Access for Trusted Foreign Investor" or "SWAGAT -FI" shall, subject to conditions as may be specified by the Board from time to time, include the following:

3 · (1) No person shall buy, sell or otherwise deal in securities as a foreign portfolio investor unless it has obtained a certificate granted by a designated depository participant on behalf of the Board .

3 · Substituted for "(r)" by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2025, w.e.f. 1-06-2026.

4 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2025, w.e.f. 1-06-2026.

5 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2023 w.e.f.15 -03 -2023.

6 · Ibid.

4 · A designated depository participant shall consider an application for grant of certificate of registration as a foreign portfolio investor if the applicant satisfies the following conditions namely: -

7 · [(c) non-resident Indians or overseas citizens of India or resident Indian individuals may be constituents of the applicant 8 [subject to the following conditions:

9 · [Provided that the provisions of sub-clauses (i), (ii) and (iv) of clause (c) shall not be applicable to foreign portfolio investor who invests only in Government Securities, in accordance with the conditions as may be specified by the Board from time to time.]

10 · [Provided further that a mutual fund registered under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 may also be constituent of the applicant, subject to such conditions as may be specified by the Board from time to time:]

7 · Substituted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2021 w.e.f. 03-08-2021. Prior of the substitution, clause (c) read as under – "(c) non-resident Indians or overseas citizens of India or resident Indian individuals can be constituents of the applicant provided they meet conditions specified by the Board from time to time;"

8 · Substituted for "provided they meet the conditions specified by the Board from time to time:" by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2024, w.e.f. 2606 -2024.

9 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2025, w.e.f. 08 -02 -2026 .

10 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2025, w.e.f. 3-12-2025 .

13 · [Provided further that resident Indian, other than individuals, may also be constituents of the applicant, subject to the following conditions, namely –

18 · [Explanation – 'fund management entity' and 'associate' shall have the meaning as provided under International Financial Services Centres Authority (Fund Management) Regulations, 2025 as amended from time to time.]

19 · [Provided further that the provisions of sub-clause (ii) of clause (c) shall not be applicable to an applicant, regulated by the International Financial Services Centres

11 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2025, w.e.f. f. 08 -02 -2026.

12 · Substituted for ";" by the SEBI (Foreign Portfolio Investors) (Second Amendment) Regulation, 2021, w.e.f. 2610 -2021.

13 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2021, w.e.f. 26-10-2021.

14 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2025, w.e.f. 3-12-2025 .

15 · Substituted for "Sponsor or Manager" by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2025, w.e.f. 3-12-2025.

16 · Substituted for "2.5% of the corpus of the applicant or US $ 7,50,000 (whichever is lower), in case the applicant is a Category I or Category II Alternative Investment Fund" by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2025, w.e.f. 3-12-2025.

17 · Substituted for "5% of the corpus of the applicant or US $ 1.5 million (whichever is lower), in case the applicant is a Category III Alternative Investment Fund" by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2025, w.e.f. 3-12-2025.

18 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2025, w.e.f. 3-12-2025.

19 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2024, w.e.f. 26-06-2024.

20 · [Provided further that the provisions of sub-clause (ii) of clause (c) shall not be applicable to a SWAGAT-FI.]

20 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2025, w.e.f. 1-06-2026.

21 · Substituted for the words "twenty-five per cent or more" by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2023 w.e.f. 10-08-2023.

5 · An applicant seeking registration as a foreign portfolio investor may apply in one of the categories mentioned hereunder or any other category as may be specified by the Board from time to time –

22 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2020

6 · (1) The Board or the designated depository participant may require the applicant to furnish such further information or clarification as may be considered necessary for the grant of the certificate of registration as a foreign portfolio investor.

7 · (1) The designated depository participant shall on behalf of the Board grant the certificate of registration, bearing registration number generated by 23 [the Board] , as specified in the First Schedule to an applicant if it is satisfied that the applicant is eligible and fulfils the requirements as specified in these regulations.

23 · Substituted for "National Securities Depositories Limited" by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2022 w.e.f. 14-01-2022.

24 · [Provided that a foreign portfolio investor, whose certificate of registration is not valid as on the date of commencement of the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2024 and is holding securities or derivatives in India, shall be allowed to sell such securities or wind up their open position in derivatives in India within three hundred and sixty days from the date of commencement of the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2024 , in the manner specified by the Board.]

25 · [(6) A foreign portfolio investor shall pay the registration fees, as provided in Part A of the Second Schedule for every block of three years, before the beginning of such block:

26 · [Provided further that a SWAGAT-FI shall pay the registration fees, as provided in Part A of the Second Schedule for every block of ten years, before the beginning of such block.]

24 · Substituted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2024 w.e.f. 03-06-2024. Prior to substitution, the proviso read as under:

25 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2024 w.e.f. 03 -06 -2024.

26 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2025, w.e.f. 1-06-2026.

8 · (1) An application for grant of certificate of registration to act as a foreign portfolio investor, which is not complete in all respects or is false or misleading in any material particular or does not satisfy the requirements specified in these regulations shall be deemed to be deficient and liable to be rejected by the designated depository participant:

9 · (1) Subject to the compliance with the provisions of the Act, these regulations and the circulars issued thereunder, the registration granted by the designated depository participant on behalf of the Board under these regulations shall be permanent unless suspended or cancelled by the Board or surrendered by the foreign portfolio investor.

27 · [Explanation: For the purpose of this sub-regulation, a foreign portfolio investor who has paid the registration fee and the late fee in accordance with sub-regulation (6) of regulation 7 shall be considered to have paid the required fees within the specified due date.]

10 · . (1) No person shall act as a designated depository participant unless it has obtained the approval of the Board .

11 · . (1) The Board shall not consider an application for the grant of approval as designated depository participant unless the applicant satisfies the following conditions,

27 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2024 w.e.f. 03 -06 -2024.

12 · . (1) The Board may require the applicant or the depository of which the applicant is a participant to furnish such further information or clarification as may be considered necessary for grant of approval to act as a designated depository participant.

13 · . (1) After considering the application made under regulation 10 of these regulations, the Board may grant approval to the applicant, upon being satisfied that the applicant is eligible and fulfils the requirements as specified in these regulations including payment of fees as specified in Part B of Second Schedule.

14 · . An application for grant of approval to act as designated depository participant which is not complete in all respects or is false or misleading in any material particular, shall be deemed to be deficient and shall be liable to be rejected by the Board:

15 · . ( (1) Where an application for grant of an approval does not satisfy the requirements specified in these regulations, the Board may reject the application after giving the applicant a reasonable opportunity of being heard.

16 · . Subject to the compliance with the provisions of the Act, these regulations and the circulars issued thereunder, the approval granted by the Board under these regulations shall be permanent unless suspended or withdrawn by the Board or surrendered by the designated depository participant.

17 · . Where any designated depository participant who has been granted approval under these regulations-

18 · . (1) Any designated depository participant, who has been granted approval under these regulations, desirous of surrendering the approval granted, may make a request for such surrender to the Board.

19 · . No foreign portfolio investor shall make any investment in securities in India without complying with the provisions of this Chapter.

20 · . (1) A foreign portfolio investor shall invest only in the following securities, namely-

21 · . (1) No foreign portfolio investor may issue, subscribe to or otherwise deal in offshore derivative instruments, directly or indirectly, unless the following conditions are satisfied –

28 · Substituted for "Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017 made under the Foreign Exchange Management Act, 1999" by the SEBI (Foreign Portfolio Investors) (Amendment) Regulation, 2019, w.e.f. 19-12-2019.

29 · Sub -regulation 9 omitted by the SEBI (Foreign Portfolio Investors) (Amendment) Regulation, 2019, w.e.f. 1912 -2019. Prior to the omission, Sub -clause 9 read as under:

22 · . (1) The foreign portfolio investor shall –

30 · Substituted for the words "forthwith" by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2023 w.e.f.15-03-2023.

31 · The words and symbol 'as soon as possible but not later than seven working days,' omitted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2024 w.e.f. 03-06-2024.

32 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2024 w.e.f. 03 -06 -2024 .

33 · Substituted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2023 w.e.f.15-03-2023. Prior to its substitution, clause (c) read as under,-

34 · The words and symbol 'as soon as possible but not later than seven working days,' omitted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2024 w.e.f. 03-06-2024.

35 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2024 w.e.f. 03 -06 -2024 .

36 · Substituted for the words "forthwith" by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2023 w.e.f.15-03-2023.

37 · The words and symbol 'as soon as possible but not later than seven working days,' omitted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2024 w.e.f. 03-06-2024.

38 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2024 w.e.f. 03 -06 -2024 .

39 · [(l) ensure that accurate details regarding its investor group are maintained with its designated depository participant at all times.]

40 · [Provided that the provisions of this clause shall not be applicable to foreign portfolio investor who invests only in Government Securities, in accordance with the conditions as may be specified by the Board from time to time.]

39 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2023 w.e.f.15 -03 -2023.

40 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2025, w.e.f. 08 -02 -2026.

41 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2025, w.e.f. 08 -02 -2026.

42 · [(5) In case of any direct or indirect change in structure or common ownership or control of the foreign portfolio investor or investor group, it shall 43 [***] bring the same to the notice of its designated depository participant 44 [, in the manner and within the timelines as may be specified by the Board from time to time] . ]

45 · [Provided that the provisions of this sub-regulation shall not be applicable to foreign portfolio investor who invests only in Government Securities, in accordance with the conditions as may be specified by the Board from time to time.]

46 · [(6) A foreign portfolio investor that fulfils the criteria specified by the Board from time to time, shall provide information or documents in relation to the persons with any ownership, economic interest or control, in the foreign portfolio investor.

23 · . A foreign portfolio investor shall, at all times, abide by the code of conduct as specified in the Third Schedule of these regulations .

24 · . An applicant seeking registration as a foreign portfolio investor shall engage a designated depository participant to avail its services for obtaining a certificate of registration as foreign portfolio investor and at all times the designated depository participant and the custodian of the foreign portfolio investor shall be the same entity .

42 · Substituted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2023 w.e.f.15-03-2023. Prior to its substitution, sub-regulation (5) read as under,-

43 · The words and symbol ' , as soon as possible but not later than seven working days,' omitted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2024 w.e.f. 03-06-2024.

44 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2024 w.e.f. 03 -06 -2024 .

45 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2025, w.e.f. 08 -02 -2026.

46 · Inserted by the the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2023 w.e.f. 10-08-2023.

47 · [Dispute Resolution.

24A · All claims, differences or disputes between a foreign portfolio investor and a designated depository participant arising out of or in relation to the activities of the designated depository participant in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.]

25 · . (1) A foreign portfolio investor or a global custodian who is acting on behalf of the foreign portfolio investor, shall enter into an agreement with the designated depository participant engaged by it to act as a custodian, before making any investment under these regulations.

26 · . A foreign portfolio investor shall appoint a branch of a bank authorised by the Reserve Bank of India for opening a foreign currency denominated account and special non-resident rupee account before making any investments in India.

27 · . (1) Every foreign portfolio investor shall appoint a compliance officer who shall be responsible for monitoring the compliance of the Act, rules and regulations, notifications, guidelines and instructions issued by the designated depository participant or the Board or the Central Government:

47 · Inserted by the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023, w.e.f. 04-07-2023.

28 · . (1) A foreign portfolio investor, or any of its employees shall not render directly or indirectly any investment advice about any security in the publicly accessible media, whether real -time or otherwise, unless a disclosure of its interest including long or short position in the said security has been made, while rendering such advice.

29 · . Every foreign portfolio investor shall maintain the following books of accounts, records and documents, namely –

30 · Subject to the provisions of any other law, for the time being in force, every foreign portfolio investor shall preserve the books of accounts, records and documents specified in regulation 29 for a minimum period of five years from the date of approval of the surrender or cancellation of registration by the Board .

31 · . (1) All designated depository participants who have been granted approval by the Board shall -

48 · Substituted for the words "forthwith" by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2023 w.e.f.15-03-2023. 49 Ibid.

50 · Substituted for the words "forthwith" by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2023 w.e.f.15-03-2023.

51 · [Investor Charter.

31A · The designated depository participant shall ensure compliance with the Investor Charter specified by the Board from time to time.]

32 · . ( (1) Every designated depository participant shall maintain the relevant true and fair records, books of accounts, and documents including the physical or electronic records relating to registration of foreign portfolio investors.

51 · Inserted by the Securities and Exchange Board of India (Investor Charter) (Amendment) Regulations, 2025 w.e.f. 10 -02 -2025.

33 · . (1) Every designated depository participant shall appoint a compliance officer who shall be responsible for monitoring the compliance of the Act, rules and regulations, notifications, guidelines and instructions issued by the Board or the Central Government.

34 · . Every designated depository participant shall, as and when required by the Board or the Reserve Bank of India, submit to the Board or the Reserve Bank of India, as the case may be, any information, such records or documents in relation to its activities of foreign portfolio investor.

35 · . (1) A designated depository participant, or any of its employees shall not render directly or indirectly any investment advice about any security in the publicly accessible media, whether real -time or otherwise, unless a disclosure of its interest including long or short position in the said security has been made, while rendering such advice.

36 · . The Board may suo moto or upon receipt of any information or complaint , appoint one or more persons as inspecting authority to undertake inspection of the books of account, records and documents relating to a designated depository participant for any of the following purposes, namely , -

37 · . (1) Before undertaking an inspection under regulation 36, the Board shall give not less than ten days' notice to the designated depository participants:

38 · . (1) It shall be the duty of the designated depository participants whose affairs are being inspected, and of every director, officer and employee thereof to produce to the inspecting officer such books, securities, accounts, records and other documents in its custody or control and furnish him with such statements and information relating to its activities, as the inspecting officer may require, within such reasonable period as the inspecting officer may specify.

39 · . The inspecting officer shall, as soon as possible, on completion of the inspection or investigation as the case may be, submit a report to the Board:

40 · . T The Board shall after consideration of the inspection report , take such action as it may deem fit including action under Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008.

41 · . The Board shall have the power to appoint an auditor to inspect or investigate, as the case may be, into the books of account, records, documents, infrastructures, systems and procedures or affairs of the applicant or the designated depository participants, as the case may be:

42 · . The Board shall be entitled to recover from the designated depository participants or applicant, as the case may be, such expenses including the fees paid to the auditors as may be incurred by it for the purposes of inspecting or investigating the books of account, records, documents, infrastructures, systems and procedures or affairs of the designated depository participants or applicant, as the case may be.

43 · . A foreign portfolio investor, designated depository participant, depository or any other person who contravenes any of the provisions of these regulations shall be liable for action under the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 or the relevant provisions of the Act or the Depositories Act, 1996 and the regulations made thereunder .

52 · [CHAPTER VIII-A

43A · . (1) The Board may, exempt any person or class of persons from the operation of all or any of the provisions of these regulations for a period as may be specified but not exceeding twelve months, for furthering innovation 53 [***] relating to testing new products, processes, services, business models, etc. in live environment of regulatory sandbox in the securities markets.

54 · [Exemption from strict enforcement of the regulations in other cases.

43B · (1) The Board may suo motu or on an application made by a foreign portfolio investor, for reasons recorded in writing, grant relaxation from the strict enforcement of any of the provisions of these regulations, subject to such conditions as the Board deems fit to impose in the interests of investors and the securities market and for the development of the securities market, if the Board is satisfied that:

52 · Inserted by the SEBI (Regulatory Sandbox) (Amendment) Regulations, 2020, w.e.f. 17-04-2020.

53 · The words "in technological aspects" omitted by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021, w.e.f. 03-08-2021.

54 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2022 w.e.f. 14 -01 -2022.

44 · . In order to remove any difficulties in the application or interpretation of the provisions of these regulations, the Board may issue clarifications and guidelines in the form of circulars or issue separate circular or guidelines or framework for each category of foreign portfolio investors or designated depository participant.

45 · . (1) The Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014 shall stand repealed.

56 · [Provided that a SWAGAT-FI shall pay registration fees for every block of ten years, till the validity of its registration . ]

58 · [Provided that a foreign portfolio investor shall, wherever applicable, pay the late fee of US $ 50 per day for Category I and US $5 per day for Category-II foreign portfolio investors.]

59 · [Provided further that in case of a SWAGAT-FI, the registration fees shall be collected in advance once in every ten years.]

55 · Substituted for "US $3000 and US $300" by the Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 2022, w.e.f. 1-11-2022.

56 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2025, w.e.f. 1-06-2026.

57 · Substituted for the symbol "." by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2024 w.e.f. 03-06-2024 .

58 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2024 w.e.f. 03 -06 -2024 .

59 · Inserted by the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2025, w.e.f. 1-06-2026.

1 · A foreign portfolio investor and its key personnel shall observe high standards of integrity, fairness and professionalism in all dealings in the Indian securities market with intermediaries, regulatory and other government authorities.

60 · Substituted for "US $1000" by the Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 2022, w.e.f. 1-11-2022.

2 · A foreign portfolio investor shall, at all times, render high standards of service, exercise due diligence and independent professional judgment.

3 · A foreign portfolio investor shall ensure and maintain confidentiality in respect of trades done on its own behalf or on behalf of its clients.

4 · A foreign portfolio investor shall ensure the following –

5 · A foreign portfolio investor shall maintain an appropriate level of knowledge and competency and abide by the provisions of the Act, regulations made thereunder and the circulars and guidelines, which may be applicable and relevant to the activities carried on by it. Every foreign portfolio investor shall also comply with award of the Ombudsman and decision of the Board under Securities and Exchange Board of India (Ombudsman) Regulations, 2003.

6 · A foreign portfolio investor shall not make any untrue statement or suppress any material fact in any documents, reports or information to be furnished to the designated depository participant and/or Board.

7 · A foreign portfolio investor shall ensure that good corporate policies and corporate governance policies are observed by it.

8 · A foreign portfolio investor shall ensure that it does not engage in fraudulent and manipulative transactions in the securities listed in any stock exchange in India.

9 · A foreign portfolio investor or any of its directors or managers shall not, either through its/his own account or through any associate or family members, relatives or friends indulge in any insider trading.

10 · A foreign portfolio investor shall not be a party to or instrumental for – a) creation of false market in securities listed or proposed to be listed in any stock exchange in India; b) price rigging or manipulation of prices of securities listed or proposed to be listed in any stock exchange in India; c) passing of price sensitive information to any person or intermediary in the securities market.