To raise bar for HNIs

Investors may need to fatten the bulge of their purses to at least double the current size to be counted as high networth individuals (HNIs), as the Securities and Exchange Board of India (Sebi) is looking to raise the benchmark for them.

Currently, HNIs are defined as those putting in a minimum of Rs 5 lakh for investment purposes with portfolio managers and venture capital funds. Market regulator Sebi is now mulling raising this benchmark to a minimum of Rs 10 lakh, sources close to the development said.