Sebi on Friday proposed a comprehensive overhaul of the Foreign Portfolio Investor (FPI) framework, aiming to streamline registrations and introduce an abridged application option for related funds, even as the regulator seeks to ease compliance for global investors.In a consultation paper, the Securities and Exchange Board of India said the move is intended to enhance ease of doing business by simplifying procedures and creating a more unified rulebook, according to PTI.As part of the revamp, Sebi has suggested a complete update and simplification of the Master Circular for FPIs and designated depository participants (DDPs), consolidating all rules and circulars issued since May 2024 into a single, clearer document.According to the proposals, a simplified registration process is planned for select FPI categories — including funds managed by an investment manager already registered as an FPI, sub-funds of an existing master fund, segregated share classes, and insurance schemes linked to an already registered entity.Such applicants may choose to fill the entire Common Application Form (CAF) or use an abridged version requiring only information unique to the new entity, with the remaining details automatically populated. Custodians would obtain explicit consent to rely on pre-existing information and ensure unchanged details remain accurate.Once the application is submitted, custodians will update the CAF module, while DDPs will issue Sebi-generated registration certificates after verifying eligibility. Sebi has also outlined steps DDPs must follow, including due diligence, clarifications on incomplete forms, PAN verification, and country-of-residence and regulatory status checks.Beyond registration reforms, the updated circular proposes clearer rules on KYC and beneficial-owner identification. It specifies requirements for NRIs, OCIs and resident Indians, while introducing dedicated frameworks for FPIs investing exclusively in government securities, IFSC-based FPIs, banks, insurance entities, pension funds and funds with multiple investment managers.Sebi has also detailed procedures for renewal, surrender, transition and reclassification of registrations, along with uniform compliance and reporting standards for custodians and DDPs.The regulator has sought public comments on the proposals until December 26.

India has been facing increasing pressure from the Trump administration to stop its crude oil imports from Russia. Of the 50% tariffs imposed by the US on India, 25% are penal tariffs for its crude oil trade with Russia. The US has accused India of indirectly financing Russia’s war against Ukraine through the oil trade. The issue has emerged as a point of niggle in the trade deal talks between the countries. However, Trump’s latest round of sanctions against Rosneft and Lukoil have forced Indian refiners to find other sources of crude, though procurement of non-sanctioned Russian oil continues.

Message to Trump? What Putin said on Russian oil for India

During a combined media briefing with PM Narendra Modi, Putin affirmed, “Russia is a reliable supply of oil, gas, coal and everything that is required for the development of India’s energy. We are ready to continue uninterrupted shipments of fuel for the fast-growing Indian economy.” He noted their “successful partnership in energy.”As one of the world’s major energy players, Russia has huge oil and natural gas deposits, maintaining its position as a leading producer and consumer.In early 2024, Russia maintained its position as the world’s third-largest oil producer, with daily production reaching 10.8 million barrels and confirmed oil reserves of approximately 80 billion barrels.Russia has the world’s most extensive natural gas reserves, calculated at 1,600 trillion cubic metres, with production reaching 618 billion cubic metres in 2022. The country’s energy infrastructure predominantly relies on fossil fuels, with thermal power facilities generating more than 60 per cent of its electrical output.The Russian President said that the collaboration extends beyond traditional fuels. He spoke of the significant nuclear collaboration currently in progress, stating that Russia is executing “a flagship project to build the largest nuclear power plant in India.”Putin suggested potential expansion into “the construction of small modular reactors and floating nuclear power plants, and also non-energy applications of nuclear technologies, for example, in medicine or agriculture.”Transport and logistics remain crucial areas of collaboration. Putin indicated that both nations are developing new trade channels, aiming “to build new effective international transport logistic routes to create the INSTC corridor from Russia and Belarus to the Indian Ocean.”He additionally highlighted increasing collaboration in advanced sectors, mentioning joint ventures in “industry, machine manufacturing, digital technologies, space exploration and other science-intensive avenues.”

Elon Musk’s social media platform X has been fined €120m (£105m) by the EU over its blue tick badges.

The European Commission said by allowing allowing people to pay for a blue verified check mark on their profile, the social media platform “deceives users” because the firm is not “meaningfully verifying” who is behind the account.

“This deception exposes users to scams, including impersonation frauds, as well as other forms of manipulation by malicious actors,” it said.

The BBC has approached X for comment.

EU regulators said the platform was also failing to provide transparency around its adverts, and it was not giving researchers access to public data.

“The fine issued today was calculated taking into account the nature of these infringements, their gravity in terms of affected EU users, and their duration,” it said.

The action constitutes the Commission’s first decision on a platform’s “non-compliance” with its Digital Services Act (DSA) – one of two rulebooks online firms must follow in order to operate their services in the EU.

The DSA sets out obligations for platforms around content, data and advertising, while the Digital Markets Act establishes how companies should operate in order to benefit consumers and competition.

Such rules have come under increased scrutiny from US leaders, who warned against tougher regulation of tech firms by governments and regulators.

US Vice President JD Vance lashed out at the EU amid rumours of its forthcoming fine on Thursday – claiming it was being punished “for not engaging in censorship”.

“The EU should be supporting free speech, not attacking American companies over garbage,” he said.