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The Centre has fixed a threshold of $20 million for foreign direct investments (FDIs) in unregistered fund-based activities such as merchant banking, underwriting, portfolio management services, stockbroking, and asset management.
The fund-based activities also include venture capital, custodian services, factoring, leasing and finance, housing finance, credit card business, micro credit, and rural credit. On the other hand, threshold for non-fund activities, such as investment advisory services, financial consultancy, forex broking, has been set at $2 million.
These activities also include money changing business and credit rating agencies. All these activities are unregulated by any financial sector regulator and FDI is allowed under the government route.