Global private banks ask FPI managers not to sell NRI clients’ investments
Besides, an NRI managed funding supervisor (or the asset administration firm) operating an FPI should register itself as a ‘non-investing FPI’ with Sebi..
FPIs have to deliver down the mixture contribution of NRIs and OCIs (together with resident Indians) in a fund to beneath 50% by December 31, 2020. Also, contribution by an NRI/OCI can not exceed 25%. Funds which fail to do that can have to wind up in six months.
Global private banks, coping with the wealthy and ultrarich, have informed managers of overseas portfolio buyers (FPIs) to chorus from promoting off investments by their non-resident Indian (NRI) and abroad residents of Indian (OCI) shoppers to meet the principles laid down by Securities & Exchange Board of India (Sebi).FPIs have to deliver down the mixture contribution of NRIs and OCIs (together with resident Indians) in a fund to beneath 50% by Read Full Articles