Foreign Institutional Investor by Ahamed

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Foreign Institutional Investor

Institutional investors are organizations which pool large sums of money and invest those sumsinsecurities,real propertyand other investment assets. They can also include operating

companies which decide to invest their profits to some degree in these types of assets.

Types of typical investors include banks,insurance companies, retirement orpension funds,hedge funds,investment advisorsandmutual funds. Their role in the economy is to act as highlyspecialized investors on behalf of others. For instance, an ordinary person will have a pensionfrom his employer. The employer gives that person's pension contributions to a fund. The fundwill buy shares in a company, or some other financial product. Funds are useful because theywill hold a broadportfolioof investments in many companies. This spreads risk, so if onecompany fails, it will be only a small part of the whole fund's investment.

An investor or investment fund that is from or registered in a country outside of the one in which it is

currently investing. Institutional investors include hedge funds, insurance companies, pension funds andmutual funds.

The term is used most commonly in India to refer to outside companies investing in the financial

markets of India. International institutional investors must register with the Securities and Exchange

Board of India to participate in the market. One of the major market regulations pertaining to FIIs

involves placing limits on FII ownership in Indian companies.

One who propose to invest their proprietary funds or on behalf of "broad based" funds or of foreigncorporates and individuals and belong to any of the undergiven categories can be registered for FII.

Pension Funds

Mutual Funds Investment Trust Insurance or reinsurance companies Endowment Funds University Funds Foundations or Charitable Trusts or Charitable Societies who propose to invest on their

own behalf, and Asset Management Companies Nominee Companies Institutional Portfolio Managers Trustees

Power of Attorney Holders Bank

An application for registration has to be made in Form A, the format of which is provided in theSEBI(FII) Regulations, 1995 and submitted with under mentioned documents in duplicateaddressed to SEBI as well as to Reserve Bank of India (RBI) and sent to the following addresswithin 10 to 12 days of receipt of application.
http://en.wikipedia.org/wiki/Securitieshttp://en.wikipedia.org/wiki/Securitieshttp://en.wikipedia.org/wiki/Securitieshttp://en.wikipedia.org/wiki/Real_propertyhttp://en.wikipedia.org/wiki/Real_propertyhttp://en.wikipedia.org/wiki/Real_propertyhttp://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Pension_fundhttp://en.wikipedia.org/wiki/Pension_fundhttp://en.wikipedia.org/wiki/Pension_fundhttp://en.wikipedia.org/wiki/Hedge_fundhttp://en.wikipedia.org/wiki/Hedge_fundhttp://en.wikipedia.org/wiki/Registered_Investment_Advisorhttp://en.wikipedia.org/wiki/Registered_Investment_Advisorhttp://en.wikipedia.org/wiki/Registered_Investment_Advisorhttp://en.wikipedia.org/wiki/Mutual_fundhttp://en.wikipedia.org/wiki/Mutual_fundhttp://en.wikipedia.org/wiki/Mutual_fundhttp://en.wikipedia.org/wiki/Portfolio_%28finance%29http://en.wikipedia.org/wiki/Portfolio_%28finance%29http://en.wikipedia.org/wiki/Portfolio_%28finance%29http://en.wikipedia.org/wiki/Portfolio_%28finance%29http://en.wikipedia.org/wiki/Mutual_fundhttp://en.wikipedia.org/wiki/Registered_Investment_Advisorhttp://en.wikipedia.org/wiki/Hedge_fundhttp://en.wikipedia.org/wiki/Pension_fundhttp://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Real_propertyhttp://en.wikipedia.org/wiki/Securities


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Address for applicationThe Division ChiefFII DivisionSecurities and Exchange Board of India,

224, Mittal Court, 'B' Wing, 1st Floor,Nariman Point, Mumbai - 400 021.INDIA.

Supporting documents required are

Application in Form A duly signed by the authorised signatory of the applicant. Certified copy of the relevant clauses or articles of the Memorandum and Articles of

Association or the agreement authorizing the applicant to invest on behalf of its clients Audited financial statements and annual reports for the last one year , provided that the

period covered shall not be less than twelve months.

A declaration by the applicant with registration number and other particulars in supportof its registration or regulation by a Securities Commission or Self RegulatoryOrganisation or any other appropriate regulatory authority with whom the applicant isregistered in its home country.

A declaration by the applicant that it has entered into a custodian agreement with adomestic custodian together with particulatrs of the domestic custodian.

A signed declaration statement that appears at the end of the Form. Declaration regarding fit & proper entity.

The eligibility criteria for applicant seeking FII registration As per Regulation 6 of SEBI (FII) Regulations,1995, Foreign Institutional Investors are requiredto fulfill the following conditions to qualify for grant of registration:

Applicant should have track record, professional competence, financial soundness,experience, general reputation of fairness and integrity;

The applicant should be regulated by an appropriate foreign regulatory authority in thesame capacity/category where registration is sought from SEBI. Registration withauthorities, which are responsible for incorporation, is not adequate to qualify as ForeignInstitutional Investor.

The applicant is required to have the permission under the provisions of the ForeignExchange Management Act, 1999 from the Reserve Bank of India.

Applicant must be legally permitted to invest in securities outside the country or its in-corporation / establishment.

The applicant must be a "fit and proper" person. The applicant has to appoint a local custodian and enter into an agreement with the

custodian. Besides it also has to appoint a designated bank to route its transactions. Payment of registration fee of US $ 5,000.00


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What is the procedure for registration of sub-account?Annexure B of the Regulations duly filled and signed by the FII and Sub-Account has to besubmitted by FII on behalf of the proposed sub-account. With if DD of US$ 1000 favouring"Securities and Exchange Board of India" as fees is to be submitted payable at New York.

Is it that all sub-accounts need to be broad-based?No. Proprietary, Foreign corporates and foreign individuals need not be broad-based.

What is the duration required to register sub-accounts?For registered Foreign Institutional Investor, it takes 3 working days from the date of receipt ofcomplete application and fees.

In which name should the securities be registered? The Foreign Institutional Investor has the choice to register the securities in the following names:

In the name of the Foreign Institutional Investor if the FII is investing on its own behalf.

In the name of the sub-account if the FII is investing on behalf of the sub-account In the name of the Foreign Institutional Investor a/c sub-account if the FII is investing on

behalf of the sub-account

What is the procedure if the Foreign Institutional Investor/ sub account changes its name?For registered Foreign Institutional Investor, it has to inform SEBI promptly with the relevantdocuments supporting the name change. The relevant documents are :

Request for change in name by the Foreign Institutional Investor mentioning reasons forname change of the FII and/or sub account.

Certificate from the Registrar of Companies, and/or approval from home regulator.

Original Registration Certificate issued by SEBI to the Foreign Institutional Investor.

SEBI will issue a no-objection letter in this regard after recording the request of name change.The information regarding name change should be submitted immediately after the change hastaken place in the home country and the requisite approval from the home regulator (if needed)has to been taken.

What is the procedure for transferring a sub-account from one registered ForeignInstitutional Investor to another?If a registered sub-account wishes to transfer from one registered Foreign Institutional Investorto another, then the FII to whom it is proposed to be transferred has to request SEBI with thefollowing documentation.

A declaration that it is authorised to invest on behalf of the sub-account. A no-objection letter for the transfer of the sub-account from the transferor FII.


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What is the procedure for change of local custodian?

In case of change of the local custodian of the FII / sub-account, the change should be intimated

to SEBI by the FII. On receipt of no objection from the existing custodian and acceptance from

the proposed custodian, the change of custodian would be approved - by SEBI.

What is the procedure for registration as FII/sub account under 100% debt route?

The procedure for registration of FII/sub account under 100% debt route is similar to that of

normal funds besides a clear statement by the applicant that it wishes to be registered as FII/sub

account under 100% debt route. However, Government of India allocates the overall investment

limit for 100% debt funds annually. The grant of investment limit for individual 100% debt funds

is within this overall limit. The funds have to seek further investment limit in case the limit

allotted to them is exhausted and they wish to invest further.

Can a Foreign Institutional Investor having an existing account with one custodian open anaccount with other custodian for its sub- accounts?

Yes. A Foreign Institutional Investor having an account with one custodian can open accounts

with different custodians for its different sub-accounts. However, one sub-account cannot be

custodied with more than one custodian.

What is the procedure if an existing sub-account wants to get registered as a Foreign

Institutional Investor?

In case if a registered sub-account wishes to get itself registered as a Foreign Institutional

Investor, then it will have to apply in Form A to SEBI for the same and has to satisfy all the

eligibility criteria norms mentioned in SEBI (Foreign Institutional Investor) Regulations, 1995. Itshould also submit a letter from the old FII indicating its 'No-objection' to such registration.

In case of merger or takeover, in case if the registered Foreign Institutional Investor loses

its existence, then can the SEBI FII registration be transferred to the surviving entity?

No. SEBI FII Registration is not transferable. The surviving entity has to obtain fresh registration

as an FII from SEBI.

What are the investment limits for FII/ sub-accounts?

The sub-account which is not a foreign individual/ corporate can individually invest upto 10%.

The limit for each foreign corporate/ individual is 5%. These limits are within the overall limit of

24% / 49% or the sectoral caps as the case may be.

Who all are included under the definition of foreign individual?

Foreign individuals mean all foreign residents other than NRI and Overseas Corporate Bodies.


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On what basis is the FII investment limit calculated?

Investment limit by all registered FIIs or sub accounts in primary or secondary markets under

Portfolio Investment Scheme is subject to a ceiling of 24% of issued share capital of a company.

The limit can be extended upto 49% per sectoral cap if the general body of the company

approves it.

What is the validity period of sub-account registration?

The registration of the sub-account is concurrent with its registered FII and the registration of the

sub-account expires with the expiry of registration of the FII. Moreover, if the registration of the

FII is suspended/cancelled, the registration of its sub-account is also suspended/ cancelled as the

case may be.

Can an FII/sub-account trade after its registration has expired?

No. if it is not interested in renewal but has certain residual assets, it should apply for

disinvestment in terms of Circular No. FITTC/CUST/12/2001 dated June 04, 2001 and abide bythe guidelines specified in this regard.

Can protected cell companies/cells incorporated in Mauritius be registered as FIIs/sub-

accounts?

No.

Can FII/sub-accounts trade in derivatives ?

Yes subject to operational guidelines as specified by SEBI/RBI/various regulatory authorities

from time to time.

What is the procedure for renewal of FII/sub-account registration ?

They has to apply before 3 months of the expiry of registration in Form A. Circular No

FITTC/CUST/09/2000 dated September 21, 2000 may be referred


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Investment in Indian Companies by FIIs/NRIs/PIOsRegulationsForeign Institutional Investors (FIIs), Non-Resident Indians (NRIs), andPersons of Indian Origin (PIOs) are allowed to invest in the primary andsecondary capital markets in India through the portfolio investment scheme(PIS). Under this scheme, FIIs/NRIs can acquire shares/debentures ofIndian companies through the stock exchanges in India.

The ceiling for overall investment for FIIs is 24 per cent of the paid upcapital of the Indian company and 10 per centfor NRIs/PIOs. The limit is 20per cent of the paid up capital in the case of public sector banks, includingthe State Bank of India.

The ceiling of 24 per cent for FII investment can be raised up to sectoralcap/statutory ceiling, subject to the approval of the board and the generalbody of the company passing a special resolution to that effect. And the

ceiling of 10 per cent for NRIs/PIOs can be raised to 24 per cent subject tothe approval of the general body of the company passing a resolution tothat effect.

The ceiling for FIIs is independent of the ceiling of 10/24 per cent forNRIs/PIOs.

The equity shares and convertible debentures of the companies within theprescribed ceilings are available for purchase under PIS subject to:

- the total purchase of all NRIs/PIOs both, on repatriation and non-repatriation basis, being within an overall ceiling limit of (a) 24 per cent ofthe company's total paid up equity capital and (b) 24 per cent of the total

paid up value of each series of convertible debenture; and

- the investment made on repatriation basis by any single NRI/PIO in theequity shares and convertible debentures not exceeding five per cent ofthe paid up equity capital of the company or five per cent of the total paidup value of each series of convertible debentures issued by the company.

Monitoring Foreign Investments

The Reserve Bank of India monitors the ceilings on FII/NRI/PIOinvestments in Indian companies on a daily basis. For effective monitoringof foreign investment ceiling limits, the Reserve Bank has fixed cut-offpoints that are two percentage points lower than the actual ceilings. Thecut-off point, for instance, is fixed at 8 per cent for companies in whichNRIs/ PIOs can invest up to 10 per cent of the company's paid up capital.The cut-off limit for companies with 24 per cent ceiling is 22 per cent andfor companies with 30 per cent ceiling, is 28 per cent and so on. Similarly,the cut-off limit for public sector banks (including State Bank of India) is 18per cent.

Once the aggregate net purchases of equity shares of the company byFIIs/NRIs/PIOs reach the cut-off point, which is 2% below the overall limit,


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the Reserve Bank cautions all designated bank branches so as not topurchase any more equity shares of the respective company on behalf ofFIIs/NRIs/PIOs without prior approval of the Reserve Bank. The link officesare then required to intimate the Reserve Bank about the total number andvalue of equity shares/convertible debentures of the company theypropose to buy on behalf of FIIs/NRIs/PIOs. On receipt of such proposals,

the Reserve Bank gives clearances on a first-come-first served basis tillsuch investments in companies reach 10 / 24 / 30 / 40/ 49 per cent limit orthe sectoral caps/statutory ceilings as applicable. On reaching theaggregate ceiling limit, the Reserve Bank advises all designated bankbranches to stop purchases on behalf of their FIIs/NRIs/PIOs clients. TheReserve Bank also informs the general public about the `caution and the`stop purchase in these companies through a press release.

The current list of companies allowed to attract investments fromFIIs/NRIs/PIOs with their respective ceilings is:

List of companiesList of companies which have raised the ceiling from 10% in respectof NRIs investments under PIS (w.e.f. November 29, 2010) Upto 24%1 Alembic Chemical Works Co. Ltd.

2 Amar Investments Ltd., Calcutta.

3 Anglo- India Jute Mills Co. Ltd.

4 Arvind Mills, Ahmedabad.

5 Ashima Syntex Ltd, Ahmedabad.

6

Ashoka Viniyoga Ltd.7 Bharat Nidhi Ltd.

8 BLB Shares & Financial Services Ltd

9 BPL Ltd.

10 Burr Brown (India) Ltd

11 Camac Commercial Company Ltd.

12 Ceenik Exports (India) Ltd.

13 Cifco Finance Ltd., Mumbai.

14 Classic Financial Services & Enterprises Ltd, Calcutta.

15 CPPL Ltd, (Reliance Ind. Infrastructure Ltd) Mumbai.

16 Crest Communication Ltd.17 CRISIL

18 DCM Ltd.

19 DCM Shriram Consolidated Ltd.

20 Dharani Sugars & Chemicals Ltd

21 Dolphin Offshore Enterprises ( I ) Ltd.

22 Emco Ltd.


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23 Essar Oil Ltd.

24 Essar Shipping Ltd., Blore

25 Essar Steel Ltd.

26 Eveready Industries India Ltd.

27 Fabworth (I) Ltd.28 Federal Bank Ltd.

29 Ferro Alloys Corporation Ltd., Tumsar.

30 Gammon India Ltd

31 Grasim Industries Ltd.

32 GTL Ltd.(formerly Global Tele-Systems Ltd.)

33 GTL Infrastructure Ltd

34 Hamco Mining & Smelting Ltd.

35 HCL Infosystems Ltd.

36 HEG Ltd

37 Hindustan Development Corp. Ltd, Calcutta.38 Hindustan Nitroproducts (Gujarat) Ltd.

39 Hindustan Transmission Products Ltd., Mumbai

40 HMG Industries Ltd., Mumbai.

41 Housing Development and Infrastructure Limited

42 Indiabulls Real Estate Ltd.

43 India bulls Securities Ltd.

44 Indiabulls Financial Services Ltd

45 Indiabulls Power Limited (formerly Sophia Power Company Limited)

46 Igarashi Motors India Ltd

47 IVP Ltd48 Jagatjit Industries Ltd,

49 Jai Parabolic Springs Ltd.

50 Jaysynth Dyechem Ltd.

51 Jindal Strips Ltd.

52 Jindal Iron & Steel Co. Ltd.

53 Jindal Saw Limited (formerly Saw Pipes Limited)

54 JJ Spectrum Silk Ltd.

55 Kartjikeya Paper & Boards Ltd.

56 K Sera Sera Productions Ltd

57 Lakhani India Ltd.

58 M.P. Agro Fertilisers Ltd., Bhopal.

59 Macleod Russel (I) Ltd.

60 Matsushita Television and Audio India Ltd.

61 Max India Ltd

62 Mazda Enterprises Ltd., Mumbai.
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63 Media Video Ltd.

64 Monnet Ispat & Energy Limited

65 Multimetals Ltd., Mumbai

66 Neha International Limited.

67 National Steel Industries Ltd.68 Nicholas Laboratories India Ltd., Mumbai.

69 Networth Stock Broking Limited

70 Nava Bharat Ventures Limited

71 O.P. Electronics Ltd., Mumbai.

72 Oriental Housing Development Finance Corp. Ltd.

73 Pabacea Biotec Ltd.

74 Padmini Technologies Ltd.

75 Pearl Polymers Ltd., New Delhi.

76 Piramal Healthcare Ltd.

77 PNB Finance & Industries Ltd78 Rajath Leasing & Finance Ltd.

79 Rajesh Exports Limited

80 Rama Petrochemicals Ltd.

81 Rama Phosphates Ltd.

82 Reliance Industries Ltd., Mumbai.

83 Rishra Investment Ltd., Calcutta

84 Rossell Industries Ltd., Calcutta.

85 Sahu Properties Ltd

86 Sanghvi Movers Ltd

87 Saurashtra Paper & Board Mills Ltd.88 Sayaji Hotel Ltd.

89 SB & T International Ltd

90 Sharyans Resources Ltd.

91 Shanti Gears Ltd.

92 Shibir India Ltd., Calcutta

93 Shrenuj & Company Ltd.

94 Shriram Industries Enterprises Ltd., N. Delhi.

95 Silverline Industries Ltd.

96 Sonata Software Ltd.

97 SRF Ltd.

98 Sterling Lease Finance Ltd., Mumbai.

99 Sujana Metal Products Ltd

100Svam Software Ltd.

101Synthetics and Chemicals Ltd., Mumbai.

102Shrenuj & Company Limited
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103The Champdany Industries Ltd., Calcutta.

104The Dhanalakshmi Bank Limited

105The Dharamsi Morarji Chemical Co. Ltd .

106The Investment Trust of India Ltd.

107The Morarjee Goculdas Spinning & Weaving Co Ltd, Mumbai.108Tolani Bulk Carrier Ltd.

109Unitech Limited.

110Uniworth International Ltd.

111Vaibhav Gems Ltd.

112Valecha Engineering Ltd.

113VisualSoft Technologies Ltd.

114Weltermann International Ltd.

115Woolworth (India) Ltd.

116Yes Bank Ltd.

117Zora Pharma Ltd.118M/s. Redington(India) Ltd.(w.e.f. 29.11.2010)

119M/s. Compuage Infocom Limited (w.e.f. 4.3.2011)

120M/s. Kitex Garments Limited (w.e.f. 8.7.2011)

121M/s Indiabulls Wholesale Services Ltd (w.e.f. 26.08.2011)

Upto 17%1 Garware Shipping Corporation Ltd.

LIST OF COMPANIES IN WHICH FII INVESTMENT IS ALLOWED UPTO30% OF THEIR PAID UP CAPITAL UNDER PIS

1 Asian Paints (India) Ltd

2 Capital Trust Ltd

3 Container Corporation of India

4 Divis Laboratories Ltd

5 Ferro Alloys Corporation Ltd

6 Garware Polyester Ltd

7 GIVO Ltd (formerly KB & T Ltd)

8 Mahindra Gesco Developers Ltd9 Orchid Chemicals and Pharmaceuticals Ltd

10 Penta Soft Tec(Pentafour Communications Ltd)

11 Polyplex Corporation Ltd

12 Ranbaxy Laboratories Ltd

13 Shasun Chemicals Ltd

14 Sonata Software Ltd
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15 The Paper Products Ltd

16 Vikas WSP Ltd

17 Apollo Tyres Ltd.(w.e.f. June 22, 2010)

LIST OF COMPANIES IN WHICH FII INVESTMENT IS ALLOWED UPTO

40% OF THEIR Paid Up Capital1 Adlabs Films Ltd.

2 Aftek Infosys Ltd.

3 Balaji Telefilms Ltd.

4 Bharat Forge Ltd

5 Burr Brown (India )Ltd

6 Cipla Ltd.

7 Elbee Services Ltd

8 Glenmark Pharmaceuticals Ltd

9 Gujarat Ambuja Cements Ltd

10 HEG Ltd

11 Hero Honda Motors Ltd

12 Jindal Steel & Power Ltd

13 Jyoti Structures Ltd

14 Maars Software International Ltd

15 Mount Everest Mineral Water Ltd

16 Padmini Technologies Ltd.

17 Rajasthan Spinning & Weaving Mills Ltd

18 Rico Auto Industries Ltd.

19 Shanti Gears Ltd.

20 Silverline Technologies Ltd.

21 Suven Life Sciences Ltd.

22 The India Cements Ltd.

23 The Indian Hotels Company Ltd

24 Thiru Arooran Sugars Ltd.

25 UTV Software Communications Ltd

26 Visual Soft Technologies Ltd.

27 Ways India Ltd.

LIST OF COMPANIES IN WHICH FII INVESTMENT IS ALLOWED UPTO49% OF THEIR Paid Up Capital1 Alok Industries

2 Auribindo Pharma Ltd.

3 Arvind Mills Ltd

4 Balakrishna Industries Ltd


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5 Blue Dart Express Ltd

6 CRISIL

7 Digital GlobalSoft Ltd.

8 Dr. Reddys Laboratories Ltd.

9 D. S. Kulkarni Developers Ltd.10 Federal Bank Ltd.

11 Financial Technologies (I) Ltd

12 HDFC Bank Ltd

13 Himachal Futuristic Communications Ltd.

14 Hindustan Lever Ltd.

15 Hughes Software Ltd.

16 ICICI Bank Ltd.

17 Ind-Swift Laboratories Ltd.

18 Jain Irrigation Systems Ltd.

19 Karnataka Bank Ltd.20 LIC Housing Finance Ltd.

21 Marksans Pharma Ltd.

22 Mahindra & Mahindra Ltd.

23 Mastek Ltd

24 Max India Ltd

25 McDowell & Co Ltd

26 NIIT Ltd.

27 NIIT Technologies Ltd.

28 Panacea Biotec Ltd.

29 Reliance Capital Ltd.30 Reliance Energy Ltd.

31 Reliance Industries Ltd.

32 Reliance Petroleum Ltd.

33 SB & T International Ltd.

34 Sadbhav Engineering Limited

35 S. Kumars Nationwide Ltd

36 Soffia Software Ltd

37 Strides Arcolabs Ltd

38 Sun Pharmaceutical Industries Ltd.

39 Swaraj Mazda Ltd

40 The South Indian Bank Ltd

41 The Dhanalakshmi Bank Limited

42 SPANCO Limited

43 United Breweries Ltd

44 United Phosphorus Ltd
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45 UTI Bank Ltd.

46 Vimta Labs Ltd.

47 Wockhardt Ltd.

48 Yes Bank Ltd.

49 Zeefilms Ltd.50 Welspun India Ltd (w.e.f. 10.02.2010)

51 Dewan Housing Finance Corporation Ltd(w.e.f. 27.8.2010)

LIST OF COMPANIES IN WHICH FII INVESTMENT IS ALLOWED UPTOLIMITS FIXED BY COMPANIES AS INDICATED AGAINST THEIRNAMES1 Amtek Auto Ltd (74%)

2 Advanta India Limited 49%

3 Amtek India Ltd (74%)

4 Ahmednagar Forgings Ltd (74%)5 Anant Raj Industries Ltd. (40%)

6 ANG Auto Ltd (49%)

7 Apollo Hospitals (74%)

8 Aptech Ltd (74%)

9 Arshiya International Limited (49%)

10 Ansal Properties Infrastructure Limited (49%)

11 Bhagwati Banquets & Resorts Ltd.

12 Bombay Rayon Fashions Ltd (26%)

13 Bajaj Auto Finance Ltd (30%)

14 Bajaj Hindusthan Limited (74%)

15 Balrampur Chini Mills Ltd (60%)

16 Birla Power Solutions Ltd. (74%)

17 Core Projects & Technologies Ltd.(74%)

18 Cranes Software International Limited (60%)

19 Crest Communication Ltd (50%)

20 CESC Ltd. (49%)

21 CREW B.O.S. Products Ltd. -(49%)

22 DCM Ltd - (49%)

23

Development Credit Bank Ltd. - (49%)24 Dagger-Forst Tools Ltd. - (74%)

25 Dewan Housing Finance Corporation Limited (40%)

26 Emco Ltd - (49%)

27 Escorts Ltd - (49%)

28 Era Construction (India) Ltd - (40%)

29 Fedders Lloyd Corporation Limited (74%)
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15/156

30Ganesh Housing Corporation Ltd.(49%)(formerly Ganesh Housing Finance Corporation Ltd)

31 Gammon India Ltd - (49%)

32 Garware Offshore Services Ltd-(60%)

33 Godrej Consumer Products Ltd (35%)

34 Great Offshore Limited-(49%)

35 GTL Ltd. (74%)

36 GTL Infrastructure Ltd. (74%)

37 Housing Development Finance Corporation Ltd. (74%)

38 HTMT Global Solutions Ltd.-(74%)

39 Hindustan Construction Co Limited (49%)

40 Hindalco Industries Limited (40%)

41 Igarashi Motors India Ltd. - (40%)

42 Il & FS Investment Managers Ltd- 74%

43 ICSA (INDIA) Ltd. - (49%)44 I-Flex Solutions Ltd. (60%)

45 India Nivesh Limited (49%)

46 Infrastructure Development Finance Company Limited (74%)

47 Info Edge (India) Ltd. (40%)

48 International Conveyor Limited (74%)

49 IOL Broadband Ltd. - (49%)

50 Jai Corp Ltd. -(49%)

51 Jindal Saw Limited (49%) (formerly Saw Pipes Limited )

52 Jaisal Securities Limited (50%)

53 Jaiprakash Associates Ltd. (45%)54 JSW Steel Limited (49%)

55 Jupiter Bioscience Ltd. - (70%)

56 Kamdhenu Ispat Ltd. (49%)

57 Karuturi Networks limited (74%)

58 KEI Industries Ltd. - (49%)

59 Kotak Mahindra Bank Ltd (33%)

60 Laxmi Energy & Foods Ltd (Lakshmi Overseas Industries Ltd) (49%)

61 Lloyd Electric & Engineering Ltd (74%)

62 Logix Microsystems Ltd - (74%)

63 Micro Technologies (India) Limited (49%)

64 Maharashtra Seamless Limited (40%)

65 Mahindra & Mahindra Financial Services Ltd (35%)

66 McDowell Holdings Ltd -(49%)

67 Mercator Lines Ltd (70%)

68 Monnet Ispat & Energy Limited (40%)

69 Moser Baer India Ltd (74%)
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16/156

70 MARG Limited (40%)

71 McLeod Russel India Limited (40%)

72Network 18 Media & Investments Limited (Formerly Network 18 Fincap Ltd)- 49% (FIIs/NRIs/PIO upto 40%)

73 Neha International Limited (49%)

74 Nagarjuna Construction Company Ltd. (74%)

75 Nava Bharat Ventures Limited (40%)

76 NITCO Tiles Ltd. (60%)

77 Northgate Technologies Ltd (74%)

78 Om Metals Infra projects Ltd.(49%)

79 Opto Circuits (India) Ltd (40%)

80 Paramount Communications Ltd (39%)

81 Patni computers Ltd (74%)

82 Pioneer Investcorp Limited (40%)

83 The Phoenix Mills Limited. (49%)

84 Pritish Nandy Communications Ltd (60%)85 Provogue (India) Ltd. (49%)

86 Piramal Healthcare Limited (49%)

87 PTC India Ltd. - (60%)

88 Punjab Tractors Ltd. (64%)

89 PVR Ltd (50%)

90 Pyramid Saimira Theatre Ltd. (40%)

91 M/s. Prime Securities Limited (74%)

92 Parekh Aluminex limited (74%)

93 Precoated Steels Limited (49%)

94 Peninsula Land Limited (40%)95 Parsvnath Developers Limited (40%)

96 Rajesh Exports Ltd (49%)

97 Rolta India Ltd (75%)

98 Sakthi Sugars Ltd (50%)

99 Sanghvi Movers Ltd.(49%)

100Satnam Overseas Ltd (51%)

101Satyam Computer Services Ltd (60%)

102Shree Renuka Sugars Ltd. (49%)

103Sical Logistics Ltd. (49%)

104Sintex Indiastries Ltd. (74%)

105Srei Infrastructure Finance Ltd (64%)

106Subex Systems Ltd. (74%)

107Sun Pharma Advance Research Company Ltd. (49%)

108SSI Ltd (74%)

109SESA GOA Limited (45%)

110Soma Textiles & Industries Ltd. (74%)
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17/156

111Suzlon Energy Limited(49%)

112Tata Motors Ltd.(35%)

113Tata Tea Ltd (35%)

114The Tata Power Company Ltd (35%)

115The Jammu & Kashmir Bank Ltd. (40%)

116Tanla Solutions Ltd. (49%)

117Temptation Foods Ltd. -(74%)

118Tourism Finance Corporation of India Ltd (49%)

119Tulip IT Services Ltd. (40%)

120Unichem Laboratories Ltd (39%)

121United Spirits Limited (59%)

122Vaibhav Gems Ltd (60%)

123Vakrangee Softwares Ltd. (49%)

124Venus Remedies Limited- (49%)

125Voltas Limited (30%)126WELSPUN Gujarat Stahl Rohren Limited (49%)

127Zicom Electronic Security System Ltd (74%)

128S.E Investments Limited (74% - 28.01.2010)

129KRBL Limited (49% w.e.f. March 15, 2010)

130Su-raj Diamonds and Jewellery Limited (65% w.e.f. 27.10.2010 updatedfrom earlier limit of 49% w.e.f. March 30,2010)

131M/s. Hathway Cable & Datacom Limited (49% w.e.f.-May 21,2010)

132M/s.Rei Agro Limited (75% w.e.f.July 7, 2010)

133M/s. Rural Electrification Corporation Ltd (35% w.e.f.30.9.2010).

134Cox and Kings (India) Limited (74% w.e.f.-October 5, 2010)

135M/s.GMR Infrastructure Limited (35% w.e.f.October 22, 2010)

136M/s. GCV Services Limited (49% w.e.f. December 23, 2010)

137M/s. IVRCL Assets & Holdings Limited (49% w.e.f. 7.2.2011)

138M/s. SVC Resources Ltd. (49% w.e.f. 9.2.2011)

139M/s. Marico Limited (35% w.e.f.25.2.2011)

140M/s. Compuage Infocom Limited (49% w.e.f. 4.3.2011)

141M/s. Lupin Limited (33% w.e.f. 28.4.2011)

142M/s. Tecpro Systems Limited (49% w.e.f. 6.5.2011)

143M/s. Era Infra Engineering Limited(65% w.e.f. 12.5.2011)

144M/s. VA Tech Wabag Limited (49% w.e.f.16.6.2011)

145M/s Jubilant FoodWorks Limited ( 49 % w.e.f 26.08.2011)

146M/s Info-Drive Software limited (49 % w.e.f. 26.08.2011)

LIST OF COMPANIES IN WHICH FII INVESTMENT IS ALLOWED UPTOSECTORAL CAP/STATUTORY CEILING OF THEIR PAID UP CAPITAL
http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21277http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21277http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21277http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21277http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21277http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17155http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17155http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17155http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=16138http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=16138http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=16138http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17773http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17773http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17773http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17950http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17950http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17950http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17950http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17950http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17950http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21622http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21622http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21622http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17296http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17296http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17296http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17266http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17266http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17266http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21059http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21059http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21059http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23332http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23332http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23332http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23332http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23332http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23332http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22263http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22263http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22263http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22263http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22263http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22263http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22263http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22263http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23224http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23224http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23224http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23313http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23313http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23313http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23630http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23630http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23630http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23880http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23880http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23880http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23893http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23893http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23893http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23977http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23977http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23977http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24014http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24014http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24014http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24313http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24313http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24313http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24366http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24366http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24366http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24398http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24398http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24398http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24571http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24571http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24571http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24968http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24968http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24968http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24967http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24967http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24967http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24967http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24968http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24571http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24398http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24366http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24313http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24014http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23977http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23893http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23880http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23630http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23313http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23224http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22263http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22263http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22263http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23332http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23332http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21059http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17266http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17296http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21622http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17950http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17950http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17773http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=16138http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17155http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21277


18/156

1 AZTEC Software and Technology Services Ltd - (100%)

2 Dynamatic Technologies Limited -(100%)

3 Educomp Solutions Limited.(100%)

4 Gateway Distriparks Ltd - (100%)

5 Geodesic Information Systems Ltd- (100%)6 Geometric Software Solutions Ltd (100%)

7 Gujarat NRE Coke Limited -(74%)

8 HCL Infosystems Ltd. (100%)

9 Hexaware Technologies Ltd (100%)

10Housing Development and Infrastructure Limited (100%)

11Indiabulls Real Estate Limited(100%)

12Indiabulls Financial Services Ltd (100%)

13Indiabulls Securities Limited - (100%)

14Indiabulls Power Limited (100%)

(formerly Sophia Power Company Limited)15Infotech Enterprises Limited (100%)

16Infosys Technologies Ltd. (100%)

17IVRCL Infrastructures & Projects Ltd (100%)

18India Infoline Ltd. (100%)

19Mascon Global Ltd. (100%)

20Mphasis BFL Ltd (100%)

21Orbit Corporation Limited (100%)

22Pentamedia Graphics Ltd.- (100%)

23Pentasoft Technologies Ltd. (100%)

24Prajay Engineers Syndicate Limited (100%)25Punj Lioyd Limited (100%)

26IFCI Limited. (74%)

27Reliance Communications Ltd (74%)

28Sujana Metal Products Ltd - (100%)

29Sujana Towers Limited-(100%)

30Sujana Universal Industries Ltd - (100%)

31Shrenuj & Company Limited- (100%)

32Unitech Limited (100%)

33Interworld Digital Limited (100%)

34Shobha Developers Limited (100% - Feb 3, 2010)35Everonn Education Ltd. (100% w.e.f.June 4, 2010)

36Redington (India) Limited (100% w.e.f. November 29, 2010)

37Indiabulls Wholesale Services Ltd (100% w.e.f August 23, 2011)

LIST OF PRINT MEDIA COMPANIES IN WHICH FDI / FII INVESTMENTIS ALLOWED
http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=19201http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=19201http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=16765http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=16765http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=16765http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=16765http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17743http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17743http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=16444http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=16444http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=16444http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=16444http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=16444http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21509http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21509http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21509http://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=17552http://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=17552http://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=17552http://www.rbi.org.in/scripts/WSSView.aspx?Id=21276http://www.rbi.org.in/scripts/WSSView.aspx?Id=21276http://www.rbi.org.in/scripts/WSSView.aspx?Id=21276http://www.rbi.org.in/scripts/WSSView.aspx?Id=12532http://www.rbi.org.in/scripts/WSSView.aspx?Id=12532http://www.rbi.org.in/scripts/WSSView.aspx?Id=12532http://www.rbi.org.in/scripts/WSSView.aspx?Id=12532http://www.rbi.org.in/scripts/WSSView.aspx?Id=12532http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17723http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17723http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17723http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17062http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17062http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17062http://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=17493http://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=17493http://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=17493http://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=17493http://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=17493http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22597http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22597http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22597http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23497http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23497http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23497http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24966http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24966http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24966http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24966http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23497http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22597http://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=17493http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17062http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17723http://www.rbi.org.in/scripts/WSSView.aspx?Id=12532http://www.rbi.org.in/scripts/WSSView.aspx?Id=21276http://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=17552http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21509http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21509http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=16444http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17743http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=16765http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=19201


19/156

1 Jagran Prakashan -26%

2 Deccan Chronicle Holdings Ltd 24% (FIIs upto 14%)

3 IBN 18 Broadcast Ltd.-26%

Companies in which overall FII ceiling has reached and no furtherpurchases are allowed Companies falling under 24 %1 Pantaloon Retail (India) Ltd.

2 Panyam Cements and Minerals Industries Ltd.

3 Nirlon Ltd.(Nirlon Synthetic Fibres and Chemical Ltd.) (w.e.f.14.2.2011)

4 Elpro International Limited ( wef 25.08.2011)

5 Eclerx Services Ltd (wef 25.08.2011)

6 Anil Modi Oil industries Ltd (wef 25.08.2011)

Companies falling under 30 %NoneCompanies falling under 49% limitNoneCompanies where 38% FII limit has been reached and furtherpurchases are allowed with prior approval of RBI.NoneCompanies where 28% FII limit has been reached and furtherpurchases are allowed with prior approval of RBI.None

Companies where 22% FII limit has been reached and furtherpurchases will be allowed with prior approval of RBI1 Grasim Industries Limited

2 Maruti Suzuki India Limited
http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22252http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22252http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22804http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22804http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23916http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23916http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24969http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24969http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24969http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24969http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24969http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24969http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24969http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24969http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24969http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23916http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22804http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22252


20/156

Companies where NRI/PIO Investment has already reached 10 % andno further purchases can be allowed

1 Chandraprabhu Housing Ltd

2 Coxswain Technology Ltd (Kaveri Biotech Ltd)

3 Dev Sugars Ltd

4 Dharendra Industries Ltd

5 DSQ Biotech Ltd

6 Fintech Communications

7 IQMS Software Ltd

8 Kakatiya Cement Sugar & Industries Ltd

9 Madras Aluminium Co. Ltd.

10Rama Phosphates Ltd

11SGN Telecom

12SPL Ltd.13Squared Biotech Ltd

14Tai Industries Ltd.

Companies where the NRI investment has reached the trigger point of8% and further purchases are allowed only with prior permission ofRBI

1Codura Exports Ltd

2Cosmo Films Ltd

3Dalmia Cement (Bharat) Ltd

4Deccan Cements Ltd

5Garden Silk Mills Ltd.

6Nexus Software Ltd

7Polyplex Corporation Ltd

8Premier Explosives Ltd

Companies in which the Ban limit in respect of maximum permissibleforeign holding including GDR/ADR/FDI/NRI/PIO/FII Investment asstipulated by Government has been reached.

Pantaloon Retail (India) Ltd.

Companies in which the Caution limit in respect of maximumpermissible foreign holding including GDR/ADR/FDI/NRI/PIO/FIIInvestments as stipulated by Government has reached.

None

Print Media
http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21886http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=18864http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=18864http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=18864http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=18864http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=18864http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=18864http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17236http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17236http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17236http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=17236http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=18864http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=18864


21/156

Companies in which the Caution limit in respect of maximumpermissible foreign holding including FDI/NRI/PIO/FII Investments asstipulated by Government has reached.

None

Print Media Companies in which the Ban limit in respect of maximumpermissible foreign holding including FDI/NRI/PIO/FII Investments asstipulated by Government has reached.

NonePublic Sector

banks in which 20% limit has been reached and no furtherinvestments are permitted

None

Public Sector banks in which 18% caution limit has been reached andfurther purchases by FIIs/NRIs/PIOs are allowed only with priorpermission of RBI

1 Punjab National Bank 2 Union Bank of India 3 Bank of Baroda

Private Sector Banks in which the Caution limit in respect ofmaximum permissible foreign holding includingGDR/ADR/FDI/NRI/PIO/FII Investments as stipulated by Government

has reached

1 ING Vysya Bank Ltd.2 IndusInd Bank Ltd 3 Karur Vysya Bank Ltd. (w.e.f. March 23, 2011)

Private Sector Banks in which the Ban limit in respect of maximumpermissible foreign holding including GDR/ADR/FDI/NRI/PIO/FIIInvestments as stipulated by Government has reached

None

. 268 IFC Bulletin No 28Trends in portfolio investment statistics IndiaAgam Prakash Gaur1

IntroductionThis paper reviews portfolio investment statistics (inflows/outflows) relating to India, and theirdissemination through various publications, as well as initiatives aimed at collecting portfoliodata for statistical purposes.The Reserve Bank of India (RBI) serves as the source for information on various
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components of foreign investments, with data compiled using the Foreign ExchangeTransactions Electronic Reporting System (FETERS) and supported by information providedby custodians regarding flows into the accounts of foreign institutional investors. Foreigninvestment data are released by the RBI on a monthly basis, along with component details(Global Depository Receipts (GDRs)/American Depository Receipts (ADRs), foreigninstitutional investors (FIIs), offshore funds, etc).

International investment position (IIP) data are compiled at end-March/end-quarter onindividual countries stocks of international assets and liabilities. Net portfolio investmentsthrough financial instruments (equity and debt) constitute part of the statement. Under SDDS,data on IIPs, disseminated on an annual basis prior to March 2006, are now beingdisseminated on a quarterly basis (as of June 2006) through RBI press releases.India has been participating in the Coordinated Portfolio Investment Survey (CPIS) since2004 for mandatory items, providing the 31 December position for resident entities, and alsocovering securities (equity, short/long-term debt). The information is collected fromend-investors, which include banks, mutual funds, insurance companies, asset managementcompanies and non-financial companies. Separate surveys are conducted for the bankingsector and for these other entities.International Banking Statistics (IBS), both locational and consolidated, have been collected

from banks on a quarterly basis since December 1999, covering international assets andliabilities of banks, along with currency and sectoral breakdowns. India is participating in theIBS system of the Bank for International Settlements (BIS), and data are incorporated inconsolidated information, released by the BIS since the quarter ending in March 2001.A process is being developed to unify data collection for banks through the IBS system, sothat BIS, CPIS and other statistics on components of portfolio investments can be used incompiling figures on IIPs and external debt.1. Portfolio investment includes international investments in equity and debt securitiesissued by unrelated non-resident entities, excluding any instruments classified as directinvestments or reserve assets. Portfolio managers set aside a proportion of their funds forinvestments in developing markets based on risk/return assessment, and also as part of theirportfolio diversification strategy. With the opening of the economy and efforts to integrate

with global markets in order to attract funds, India has introduced various liberalisationmeasures in the fiscal, financial, trade and external sectors.1 Reserve Bank of India, DESACS, C-9, 6th Floor, Bandra-Kurla Complex, Bandra (East), Mumbai 400051,India. E-mail: [email protected]. The views expressed in this paper are those of the author and do notnecessarily represent the views of the institution to which the author belongs.IFC Bulletin No 28 269

2. The Indian economy entered a new era with the introduction, in 199091, ofstabilisation measures and structural reforms aimed at liberalising trade and opening up theeconomy. That year witnessed an external payments crisis due to unsustainablemacroeconomic balances with very low foreign exchange reserves. Extensive decontrol anddelicensing were put in place to create a competitive environment and unleash theproductive potential of entrepreneurs, thus putting the economy on a path to higher growth.The objective was to improve the BOP at sustainable levels by liberalising international trade,

finance and capital inflows, and by instituting an appropriate exchange regime. In 1994, Indiaaccepted the IMFs Article VIII, and the rupee thus became officially convertible on thecurrent account.3. The economy has been on a high growth trajectory, with average growth of 6.4%from 200001 to 200506, 7.5% in 200405 and 8.4% in 200506. The flow of funds hasproduced comfortable foreign currency asset positions: US$ 145.1 billion in March 2006,rising by US$ 46.8 billion to US$ 191.9 billion as of March 2007.4. Against the backdrop of continuing integration with the global economy through


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liberalisation measures, global best practices have been adopted in various sectors of theeconomy. The Indian financial market was opened up to FIIs in 1992. Foreign funds flows forequity investment through exchanges were attributable to FIIs including pension funds,mutual funds, asset management companies, investment trusts and institutional portfoliomanagers registered with the Securities and Exchange Board of India (SEBI). The flow ofinformation to the RBI occurs through custodians. FIIs were allowed to participate in both

primary and secondary markets.5. Portfolio investment includes flows through issuance of ADRs or GDRs, whichusually denote ownership of equity and investment by FIIs, offshore funds and others, thuscovering the liabilities under portfolio investments.6. The RBI is the basic source for information on various components of foreigninvestment. Foreign portfolio investment is compiled by the RBI using FETERS as theprincipal information source. The RBI also obtains information separately from custodians ona weekly basis, providing the details of flows into/out of the accounts of FIIs. These differentcomponents are compiled and consolidated to obtain data on aggregate foreign investmentin India. Foreign investments are compiled and presented in US dollars. The RBI publishesforeign investment data on a monthly basis in the RBI Bulletin, which, inter alia, providescomponent details of portfolio investments (GDRs/ADRs, FIIs, offshore funds, etc).

7. Data on portfolio investment flows published in the March 2007 RBI Bulletin arepresented in Table 1, indicating annual investment inflows.8. The IIP compiled at the end of a specific period (end-March or end of quarter) is astatement of a countrys stock of external financial assets and liabilities, including, inter alia,portfolio investment (equity securities and debt securities). Financial assets consist of claimson non-residents, and liabilities include the countrys financial liabilities to non-residents.Under SDDS, data on IIPs that, prior to March 2006, were disseminated on an annual basis,are now (as of June 2006) being released as an RBI press release on a quarterly basis, witha two-quarter lag. Data relating to June and September 2006 were released on 24 Januaryand 23 March 2007, respectively. An RBI press release dated 23 March 2007, and availableon the RBI website, is the source of the data. Data on the overall international investmentposition, indicating assets and liabilities, are presented in Table 2.

The significant feature was that net international investment liabilities increased by 14.4% toUS$ 47.8 billion from March 2005 to March 2006, and moderated to US$ 45.9 billion inSeptember 2006. On the liabilities side of the IIP, portfolio investment accounted for morethan one fourth of total liabilities, whereas on the assets side portfolio investmentsrepresented less than 1% of net international assets.270 IFC Bulletin No 28

Table 1Foreign investment inflowsMillions of US dollarsItems % share ofa b cYearPortfolioinvestment(a + b + c) GDRs/ADRs1 FIIs2OffshorefundsandothersPortfolioand direct


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investmentcol 2tocol 6col 3tocol 2col 4tocol 21 2 3 4 5 6 7 8 9199596 2,748 683 2,009 56 4,892 56.2 24.9 73.119989961 270390 59 2,401200304 11,377 459 10,918 15,699 72.5 4.0 96.0200405 9,315 613 8,686 16 15,366 60.6 6.6 93.2200506(P) 12,492 2,552 9,926 14 20,214 61.8 20.4 79.5

Indicates outflow.1 Represents the amount raised by Indian corporates through GDRs and ADRS. 2 Represents inflow offunds (net) by FIIs.

Source: RBI Bulletin, March 2007.Table 2Overall IIPIn billions of US dollarsPeriod March 05 March 06 June 06 September 06(PR) (PR) (PR) (P)Net IIP41.8247.8346.4445.89A. Assets 168.21 183.45 191.81 199.86Including portfolioinvestment: 0.81 1.29 1.08 1.19(i) Equity securities 0.4 0.65 0.49 0.54(ii) Debt securities 0.41 0.64 0.59 0.65B. Liabilities 210.03 231.28 238.25 245.75

Including portfolioinvestment: 55.69 64.62 64.82 67.37(i) Equity securities 43.16 54.74 52.47 54.78(ii) Debt securities 12.53 9.88 12.35 12.59Note: PR = partially revised; P = provisional.[The figures in the table have been compiled on the basis of IIP estimates presented in millions of US dollars.]Source: RBI Press Release, 23 March 2007.IFC Bulletin No 28 271

9. FIIs are from geographically dispersed countries: Malaysia, Australia, Saudi Arabia,Trinidad and Tobago, Denmark, Italy, Belgium, Canada, Sweden, Ireland, etc. Institutionsaround the globe channelled funds to the Indian securities markets for investments. As of31 March 2006, the SEBI had registered FIIs from 37 countries. The number of FIIs from theUnited States was the highest at 342, followed by the United Kingdom (148), Luxembourg

(64), Singapore (47), Hong Kong (30), Canada (26), Australia, Ireland and the Netherlandswith 23 each, Mauritius (32), etc. Long-term institutional investors such as foreign pensionfunds continued to show interest in Indian securities markets. Other categories of FIIsregistered with the SEBI included traditional institutions such as mutual funds, investmenttrusts, managers of such funds, and banks. The total number of sub-accounts registered withthe SEBI also increased from 1,889 as of 31 March 2005 to 2,488 by end-March 2006. Theincreasing confidence of FIIs in the Indian stock market emerged as a major factor, adding tostrong macroeconomic fundamentals (increasing economic growth, comfortable forexreserves, buoyancy in corporate sector earnings, etc), a transparent regulatory system,


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abolition of the long-term capital gains tax, etc. Limits have been set for FIIs investments in government securities and corporate bonds. They are permitted to trade in derivatives inorder to manage risk and return.Concern has been raised regarding some unregulated entities taking positions in the stockmarket through participatory notes (PNs) issued by FIIs. The concern regards the sale by theoriginal investors, of PNs issued by FIIs, to other players, many of whom are investing

through the Benami route ie disguising the identity of the ultimate beneficiary. Thus, inJanuary 2004 it was stipulated that PNs are not to be issued to any non-regulated entity, andthe know your client principle is to be strictly observed.Table 3Gross purchases/sales by FIIsMillions of US dollarsTotal Grosspurchases Gross sales Net investmentCumulative netinvestment atmonthlyexchange rate(1) (2) (3) (4) (5)

199394 1,783 149 1,634 1,638199899 3,927 4,313386 8,898200304 31,494 21,545 9,950 25,755200506 78,086 68,754 9,332 45,259Source: SEBI.

10. Coordinated portfolio investment statistics (assets): As a step towards globalisationand towards integration of the Indian economy with the world market, the corporates areexpanding their business, at the same time acquiring overseas assets, improving theircompetitiveness in the overseas markets, and increasing outward capital flows a reflectionof increased development. Acquisitions are being funded through a variety of sources:withdrawal of foreign exchange from India, capitalisation of exports, balances held in EEFC,share swaps ECBs/FCCBs, ADRs/GDRs, etc with major destinations being the United

States, Europe, Mauritius and the Cayman Islands. Substantial investment takes placethrough SPVs set up for the purpose of investing abroad. Existing WOSs/JVs and SPVs arebeing used to fund acquisitions through the LBO route, and such transactions are not272 IFC Bulletin No 28

captured in overseas investment statistics. Appropriate measures should be adopted toincorporate data on overseas remittances taking into account innovative funding structures,timeliness, etc in the system for compiling BOP data.The limit on mutual funds overseas portfolio investments in equity and debt securities isbeing increased to US$ 4 billion from the current US$ 3 billion, allowing for an increase in thescale of operations. The limit on individuals investments in overseas instruments such asequities, mutual funds, private equity funds and hedge funds has been raised toUS$ 0.10 million, and individuals may hedge their risks in overseas investments byparticipating in forward contracts. Statistics on overseas investment involving portfolioinvestments are being collected as of the 2004 CPIS survey.11. India has been participating in the CPIS since 2004 for mandatory items, providingthe 31 December position for resident entities, and including securities (equity, short/longtermdebt). The 2004 and 2005 surveys have already been completed, and the 2006 surveyis in the process of being completed. The information is collected from end-investors whichinclude banks, mutual funds, insurance companies, asset management companies andnonfinancialcompanies through separate surveys for the banking sector and for the other


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entities. Only mandatory items, ie securities classified as equity securities, debt securitieswith an original maturity of one year or less (short-term), and debt securities with an originalmaturity of over one year (long-term), along with the jurisdiction of the issuer, are covered bythe CPIS. In these surveys, data are collected directly from the relevant entities. The surveyof mutual funds, insurance companies, asset management companies and non-financialcompanies is part of the annual 31 March survey of Indias foreign liabilities and assets,

reporting data as of 31 December. However, data flows from non-financial corporates arebehind schedule. Data from high net worth individuals have yet to be covered by the CPIS.12. IBS, both locational and consolidated, have been collected from banks on aquarterly basis since December 1999, covering international assets and liabilities of banks,and currency and sectoral breakdowns. India is participating in the IBS system of the BIS,and data have been incorporated in consolidated information released by the BIS since thequarter ending March 2001. A process is being developed to unify the collection of bankingdata through the IBS system, so that BIS, CPIS and other statistics on components ofportfolio investments can be used to compile figures on international investment position andexternal debt.

Foreign Institutional Investors (FIIs): Increasing Trend In India

Rajesh Kumar A. Saini

Executive Summary

Foreign institutional investors have gained a significant role in Indian capital markets.Availability of foreign capital depends on many firm specific factors other than economicdevelopment of the country. In this context this paper examines the contribution of foreigninstitutional investment particularly among companies included in sensitivity index (Sensex) ofBombay Stock Exchange. Also examined is the relationship between foreign institutionalinvestment and firm specific characteristics in terms of ownership structure, financialperformance and stock performance. It is observed that foreign investors invested more in

companies with a higher volume of shares owned by the general public. The promoters holdingsand the foreign investments are inversely related. Foreign investors choose the companies wherefamily shareholding of promoters is not substantial. Among the financial performance variablesthe share returns and earnings per share are significant factors influencing their investmentdecision.


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Introduction

Entities covered by the term FII include Overseas pension funds, mutual funds, investment

trust, asset management company, nominee company, bank, institutional portfolio manager,university funds, endowments, foundations, charitable trusts, charitable societies, a trustee orpower of attorney holder incorporated or established outside India proposing to make proprietaryinvestments or investments on behalf of a broad-based fund

Foreign portfolio inflows through FIIs, in India, are important from the policy perspective,especially when the country has emerged as one of the most attractive investment destinations inAsia. In this paper an effort has been made to develop an understanding of the investmentdecisions, trading strategies and behavior of the FIIs in the Indian equity market.

With the emerging market crises of the late 1990s, the role of Foreign Portfolio Investment (FPI)and the major players therein i.e. the foreign institutional investors (FIIs) has come under intensescrutiny by academics as well as policymakers. A general perception about the FIIs is that theyare speculators and their investment is motivated by short- term gains. The FIIs in pursuit o

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