Explain the obligations and responsibilities of Foreign Portfolio Investors (FPIs) as per SEBI (Foreign Portfolio Investors) Regulation 2014.

Regulation 23 of the SEBI (Foreign Portfolio Investors) Regulations, 2014 provides for obligations and responsibilities of the Foreign Portfolio Investors (FPIs). The FPIs shall: comply with the provisions of these regulations, circulars and any other terms and conditions specified by SEBI from time to time. forthwith inform SEBI and designated depository participant in writing. If there is any material change in the information previously furnished by him to SEBI or designated depository participant. as and when required by SEBI or any other government agency in India, submit any information record or documents in relation to its activities as a foreign portfolio investor; forthwith inform SEBI and the designated depository participant in case of any penalty, pending litigation, or proceedings, findings of inspections or investigations for which action may have been taken or is in the process of being taken by an overseas regulator against it; obtain a Permanent Account Number from the Income Tax Department. in relation to its activities as foreign portfolio investor, at all times, subject itself to the extant Indian laws, rules, regulations and circulars issued from time to time and provide an express undertaking to this effect to the designated depository participant. be a fit and proper person based on the criteria specified in Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008; provide such declarations and undertakings as required by the designated depository participant; and provide any additional information or documents including beneficiary ownership details of their clients as may be required by the designated depository participant or the SEBI or any other enforcement agency to ensure compliance with the Prevention of Money Laundering Act, 2002 and the rules and regulations prescribed thereunder, the Financial Action Task Force standards and circulars issued from time to time by the SEBI. In case of jointly held depository accounts, each of the joint holders shall meet the requirements specified for foreign portfolio investor and each shall be deemed to be holding a depository account as a foreign portfolio investor. Multiple entities having common ownership, directly or indirectly, of more than fifty percent. or common control shall be treated as being part of the same investor group and the investment limits of all such entities shall be clubbed at the investment limit as applicable to a single foreign portfolio investor. The clubbing of investment limit of foreign portfolio investors having common control shall not be applicable where: the foreign portfolio investors are appropriately regulated public retail funds; or the foreign portfolio investors are public retail funds majority owned by appropriately regulated public retail fund on look through basis; or foreign portfolio investors are public retail funds and Investment Managers of such foreign portfolio investors are appropriately regulated. In order to appropriately monitor investment concentration where common ownership or control is identified for such public retail funds, the Indian depositories shall maintain details of controlling entities on the basis of name, address, nationality, passport number/ any other identification card issued by the Government of India and provide appropriate reports to the SEBI on a periodic basis. In case of any direct or indirect change in structure or common ownership or control of the foreign portfolio investor, it shall bring the same to the notice of its designated depository participant forthwith.