The Securities and Exchange Board of India (Sebi) has permitted 100 per cent contribution from non-resident Indians (NRIs) and overseas citizens of India (OCIS) in the corpus of foreign portfolio investors (FPIs) based out of Gujarat International Finance Tec-City (GIFT City), the country's international financial services centre (IFSC). However, the Indian diaspora is yet to fully embrace this new route.
The regulator allowed this route to enhance the fund ecosystem at GIFT City and attract genuine investments from overseas Indians. Nonetheless, rules require the submission of permanent account number (PAN) for all NRIs and OCIS, along with details of their economic interest in the FPI.
Industry participants note that while there is interest from NRIs and investors, some are reluctant to provide PAN and know-your-customer (KYC) details.
A custodian familiar with the developments said that some potential investors believe they will face increased scrutiny through this route.
An official from the International Financial Services Centres Authority (Ifsca), the unified regulator at GIFT City, said that the regulator has provided a separate form for investors who prefer not to share their PAN details. However, other identification details, such as social security numbers, are still required.
This story is from the September 13, 2024 edition of Business Standard.
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This story is from the September 13, 2024 edition of Business Standard.
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