SEBI has taken important measures in favour of FIIs as well as unregistered foreign investors, who intend to invest in the Indian securities market.
As a result of the lacklustre performance in the capital markets and in order to encourage inflow of foreign capital into India, SEBI has decided to remove its restrictions on the issuance of ODIs, popularly known as participatory notes (PNs), which had been imposed on FIIs in October last year.
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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm that provides legal and tax counselling. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.
