Mauritius down; Norway, Singapore gain as FPI destinations in FY23

Overseas flows into Indian capital markets originating from tax-haven Mauritius witnessed the sharpest decline, while Norway and Singapore gained favour in 2022-23 (FY23), reveals data furnished by the National Securities Depository.

The total assets under custody (AUC) from Mauritius declined nearly 42 per cent to Rs 3.25 trillion at the end of March 2023, from Rs 5.55 trillion a year ago.

Experts observe that the renegotiation of the India-Mauritius tax treaty and greater scrutiny of flows have dimmed the appeal of the island nation as a preferred destination for overseas capital flowing into India.

Norway and Singapore saw a 13 per cent