What are Sebi's UBO norms for FPIs and what needs to be done to save licence?

According to ET Now sources, the upcoming SEBI deadline for UBO compliance is expected to affect only a small number of FPIs. The report highlighted that even non-compliant FPIs can continue operations beyond the September 9th deadline by paying a 5% penalty. Additionally, these FPIs will be granted an extra six months to achieve compliance after paying the penalty.