Govt asks Gulf banks to register as FIIs

The government today asked banks in the Gulf countries to register themselves as foreign institutional investors (FII) so that they can trade in equity markets here.

"FIIs from Gulf countries should actively look at investing in the Indian stock markets," Union Commerce Minister Kamal Nath said in a presentation at the valedictory function of the 3rd India-Gulf Cooperation Council Industrial Forum.

He said registering as FIIs here would help Gulf banks deliver benefits to their high networth clients.

The Gulf Cooperation Council comprises of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. At the end of the two-day conference, the two sides identified investment opportunities in infrastructure and the agro-processing industry in India and the Gulf countries.