IN A CONSULTATION paper issued recently, the Securities and Exchange Board of India (Sebi) has proposed to allow higher investments from Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) through Foreign Portfolio Investors (FPIs) operating out of International Financial Services Centers (IFSC).
Market experts believe that Sebi's proposal comes at a time when it is perceived that the market regulator looks at the NRI/OCI community through a lens of suspicion due to some of the past events. By increasing the limit, it is giving out a message that it is comfortable with the community investing in Indian markets, provided they follow the guidelines imposed by the regulator.
Further, it is seeking to strike a balance between higher foreign investments and risks associated with overseas entities controlled by Indian-origin people, owing to the possible proximity of such non-resident Indians (NRIs) with Indian companies and promoters.
"In the aftermath of the Ketan Parekh JPC Report, Sebi's cautious stance on involving NRIs and OCIs in FPI investments, prompted by concerns of potential market manipulation, remains pertinent.
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