A regulatory diktat in September 2023 to prevent Indian entities from abusing the foreign portfolio investor (FPI) route likely sparked a sizeable chunk of the aggressive FPI selling in the recent past, market experts said.
At a time of weak corporate earnings and rising US bond yields, selling to comply with the regulator's circular accounted for about 20-40% of the $13.75 billion outflows by global funds and global emerging market (GEM) funds in October and November, two fund managers and one securities lawyer said on the condition of anonymity.
The Securities and Exchange Board of India (Sebi) circular was designed to prevent Indian entities from bypassing India's minimum public shareholding (MPS) norms, which mandate every listed company to have a minimum public float of 25%.
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