RBI relaxes norms for non-resident investors

Allows them to take FDI route, buy shares directly on stock exchanges

In yet another step to attract foreign money, the Reserve Bank of India (RBI) on Friday allowed non-resident investors to acquire shares of listed Indian companies through stock exchanges under the foreign direct investment (FDI) scheme. The central bank has said such investment will be allowed only if the non-resident investor has already “acquired and continues to hold control” according to the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations. At present, foreign institutional investors (FIIs), qualified foreign ...