Mumbai: 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.
