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SEBI mandates NRI corpus contribution below 25% in new registration rules for FPIs; Details here
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Also Read: SEBI mulls boosting NRI/ OCI participation in IFSC-based FPIs. Details hereThe new rule requires that NRIs, overseas citizens of India and resident Indians should not be in control of the applicant FPI.
"The contribution of resident Indian individuals shall be made through the Liberalised Remittance Scheme notified by the Reserve Bank of India (RBI) and shall be in global funds whose Indian exposure is less than 50 per cent," said SEBI. To give this effect, SEBI has amended FPI rules that became effective from June 25.
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