The Regulations for Foreign Institutional Investors (FIIs) in India defines "sub-account" to include foreign corporates or foreign individuals and those institutions, established or incorporated outside India and those funds, or portfolios, established outside India, whether incorporated or not, on whose behalf investments are proposed to be made in India by a Foreign Institutional Investor (FII).
Following could be a sub account:-
(i) broad based fund or portfolio which is broad based, incorporated or established outside India; or
(ii) proprietary fund of a registered foreign institutional investor; or
(iii) foreign corporate; or
(iv) foreign individual; or
(v) university fund, endowment, foundation, charitable trust or charitable society who are eligible to be registered as a foreign institutional investor.
sub-accounts, have now been merged in as a part / sub-category of Foreign Portfolio Investors (FPI), when the FPI regulations were introduced in 2014.