Markets regulator Securities and Exchange Board of India (Sebi) has asked exchanges to block the accounts of foreign portfolio investors (FPIs), including Pacific Investment Management Co (Pimco), that did not submit the names of the beneficial owners to the ones in charge by March 20, The Economic Times reported, citing sources.

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The sources told the paper that assets worth $5 billion have been blocked. They added that the FPIs are not allowed to make fresh investments in the Indian markets but will be allowed to sell their holdings, the report said.

“About 70 percent of the FPIs have submitted BO (beneficial owners’) details and complied fully with the know-your-client (KYC) requirement. Around 20 percent have submitted the details at the last minute,” one of the sources was quoted as saying in the report. “While 10 percent have not complied...," the source added.

First Published:Mar 26, 2019 9:43 AM IST