SEBI (Securities and Exchange Board of India) proposed new rules for some Foreign Portfolio Investors (FPIs) in September 2019. Here are the key points of the new rules: 1. Categorization: The FPIs will be classified into three categories based on the regulation and compliance norms they have to adhere to. 2. Beneficial Ownership: FPIs will have to disclose their beneficial ownership details, ensuring transparency. 3. Applicability: The new rules will be applicable to offshore funds, pension funds, sovereign wealth funds, and university endowment funds. 4. Documentation requirements: FPIs will have to provide additional documentation and undertake compliance obligations to obtain registration. The Congress party criticized the new rules proposed by SEBI, stating that they signify an admission of guilt. The party alleges that the rules are an acknowledgment by SEBI that there were lapses and violations in regulatory oversight in the past. They believe that stricter rules could have prevented illicit money flow and fraudulent activities. The Congress party's response indicates their demand for stronger regulations and stricter enforcement in the financial markets.