Sebi to iron out issues with FIIs, assures FM
In the recent Budget, Chidambaram announced a series of measures to boost investor confidence in Indian capital markets — uniform registration for entry of portfolio investors, permission for FIIs to participate in the exchange-traded currency derivatives segment to the extent of their rupee exposure, etc. While the confusion over the proposed amendment regarding tax residency certificate unnerved foreign investors using the Mauritius route for tax mitigation, this issue has also been by largely settled after subsequent clarifications by the minister himself and his ministry.
Shortly, Chidambaram will start another round of roadshows aimed at convincing foreign investors of his intent to roll out a conducive regime for their continued exposure to Indian markets.
The shows will start from Mumbai and then proceed to Japan, Canada and the US in April-May. Just before the Budget, he had done similar roadshows in Hong Kong, Singapore, Frankfurt and London.
The current account deficit (the difference between foreign currency inflows and outflows) had hit a record 5.4% of GDP in the July-September quarter, while a Bank of America Merrill Lynch report projected that the CAD for this fiscal is likely to touch $92 billion, or 5% of GDP, up from the earlier forecast 4.1%.
“CAD is more
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