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MUMBAI - India's market regulator has written to custodian banks to share details of beneficial owners of offshore funds and foreign portfolio investors, according to two sources directly aware of the matter.

The regulator has asked custodian banks to reach out to foreign portfolio investors by March and share the details by end of September, the sources said, speaking on condition of anonymity as the matter is confidential.

If they do not provide such details, the regulator would deem the foreign funds in-eligible and ask them to liquidate their holdings in the Indian market by March 2024.

There are 11,000 foreign funds registered with the Securities and Exchange Board of India (SEBI).

An email sent to SEBI was not immediately answered.