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The foreign investor count in the capital markets has remained about the same in the past four years, despite overhaul of regulations to ease the entry process.At the end of May, there were 8,781 foreign institutions. Of which 7,807 were foreign portfolio investors (FPIs) and 974 were deemed-FPIs (foreign institutional investors, yet to transit to the FPI regime). In December 2013, before the new FPI regime took effect, there were 8,557 FIIs, including 6,410 sub-accounts.This is in contrast to the popular perception that the foreign investor base has increased significantly in recent years, after introduction of the FPI regulations by the Securities and Exchange Board of India (Sebi).Regulators and market players tend to claim there has been a sharp increase in direct FPI registration, following tightening of the participatory notes (p-notes) framework. The surge, however, is more on account of transfer of erstwhile FIIs to the new FPI regime, rather than a drastic increase in new ...