The Securities and Exchange Board of India (Sebi) on Tuesday allowed non-resident Indians (NRIs) to own up to 100 per cent in global funds at the GIFT City and gave passive funds more exposure to group companies.
Currently, NRIs and Overseas Citizens of India (OCIs) cannot own more than 50 per cent in a foreign portfolio investor (FPI). The move could pave the way for greater flows from the Indian diaspora into the domestic stocks.
"A 100 per cent contribution limit shall be available subject to the FPI submitting copies of Permanent Account Number (PAN) cards of all their NRI/OCI individual constituents, along with their economic interest in the FPI," the markets regulator said.
Market experts believe a more liberalised regime for NRI/OCIS could lead to twin benefits boost the fund ecosystem at the GIFT City as well as attract genuine flows from overseas Indians. At present, the combined holdings of NRIs and OCIS in a global fund must be less than 50 per cent, while that of a single NRI or OCI is capped at 50 per cent.
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