Level field restored

Sebi panel's suggestions on FPI norms are pragmatic

Foreign investors worried over the new norms for know your customer (KYC) and beneficial ownership will be relieved after a group of experts set up by the market regulator made pragmatic recommendations that address many contentious issues. The Securities and Exchange Board of India’s April 10 circular put a blanket ban on any expatriate of Indian origin — non-resident Indian (NRI), person of Indian origin (PIO) and overseas citizens of India (OCI) — holding investments in India via the foreign portfolio investment (FPI) route. It also barred members of the diaspora from managing India-focused funds, going strictly by the definitions