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Market regulator SEBI has allowed asset management companies (AMCs) to provide full-fledged consultancy and advisory services to foreign portfolio investors (FPIs) operating from International Financial Services Centres (IFSCs) and regulated by International Financial Services Centres Authority (IFSCA).
Such FPI will be allowed to invest in mutual fund schemes other than the schemes in the category of “thematic”, said SEBI on Friday. For investment in equity and equity derivative securities listed on recognised stock exchanges in India, these FPIs will not be allowed to take contra-position for six months from the date of purchase or sale of such securities, it said.
Earlier, AMCs were allowed to provide this service in IFSC only to FPI owned by government and government-related investors such as central banks, sovereign wealth funds, international or multilateral organisations or agencies including entities controlled or at least 75 per cent directly or indirectly owned by such government and government-related investor. These entities were largely pension funds, insurance or reinsurance entities, banks and mutual fund registered as FPIs.
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