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Street signs: Big FPI makes India entry, PC Jeweller shares crash, and more

Sebi has placed restrictions on employees travelling abroad

Pavan Burugula Shrimi Choudhary & Samie Modak 

Photo: Reuters

Big FPI makes India entry Canada-based insurer has registered as a foreign portfolio investor (FPI) in India after the market regulator tightened the participatory note (p-note) norms. Till now, the fund used for investing in India, but has now decided to take the direct route. is a big institutional investor in the US, Canada and European Sources said the fund is planning to deploy around $2-3 billion in the Indian over the next two years. “Sun Life has registered as category-II FPI in India and is expected to invest in the Nifty universe for now. Such investors are a plus for Indian as they have a long-term investment mandate,” said a source privy to the development. Pavan Burugula caps foreign trips of employees The (Sebi) has placed restrictions on employees travelling abroad. According to sources, the capital market regulator has made changes in its human resources policy, restricting foreign trips of employees to four times a year. The move is to help the regulator save costs.

Typically, such foreign tours depend on the level of the employee within Sources say current foreign travel frequency for some of the employees was much higher. Shrimi Choudhary Funds hit by crash Several institutional investors are in panic mode after the sharp correction in the shares of PC Jeweller, which tanked as much as 60 per cent on Friday before recouping some losses to end 24 per cent down. Life Insurance Corporation of India and Fidelity hold meaningful stake in the company while equity schemes of domestic mutual funds such as Edelweiss and JM Financial too had holdings in the company as on December 2017. The sell-off in was on concerns that the company is linked to Vakrangee, which has come under regulatory scanner. Shares of Vakrangee crashed 50 per cent last week. "The company has clarified that it has no business connections with Vakrangee. This has provided some comfort. However, we are monitoring the developments," said an institutional investor. Samie Modak

First Published: Mon, February 05 2018. 05:28 IST