 "investment rules, fpi norm, kyc norm")
The Securities and Exchange Board of India’s (Sebi’s) know your client (KYC) circular for foreign portfolio investors (FPIs) issued on April 10 has sent non-resident Indians as well as custodians and global investors in a tizzy over the way it has been worded.
Experts suggest that there is little precedence of such restrictions in other countries. While the ostensible aim is to prevent money laundering and round-tripping of funds, there are murmurs that the true objective is to cut off overseas funding to political parties in the run-up to the national elections next year, especially from jurisdictions like Mauritius.
“Globally,
