Published On: Wed, Jun 4th, 2014

Citi First To Register A Foreign Portfolio Investor In India

Dirk Jones, Citi Global Head of Securities and Fund Services

Dirk Jones, Citi Global Head of Securities and Fund Services

Citi’s Securities Services announced on 2 June that it is the first Designated Depository Participant (DDP) in India to register India’s first Foreign Portfolio Investor (FPI), under the SEBI (Foreign Portfolio Investors) Regulations, 2014.

This marks a significant step forward in the regime change in India – from the FII/QFI to the FPI framework. The FPI regime significantly eases access to the Indian markets and allows a wide variety of previously ineligible investors to participate in India. The new regime was a response from the regulators to the feedback provided by the international investor community, set in motion by Securities and Exchange Board of India (SEBI) with the formation of a Committee to rationalize the foreign portfolio investment routes available in the country.

Citi is proud to have been a key member of this Committee, and worked with SEBI and the Depositories every step of the way in bringing in the Regulatory framework for the new regime, while also being engaged with the other DDPs, to ensure a seamless transition to the FPI regime. The issuance of the FPI registration certificate was facilitated by the National Securities Depository Limited (NSDL).
“In this context, it gives us immense pride that we have been able to register the first FPI to ever enter the Indian market. The inherent attractiveness of the Indian markets, has kept India as a focal point of our securities business and we are pleased to roll out this new framework for our global clients”, said Aashish Mishra, Head of Securities Services for Citi in India.

“We have been continuously involved with the development of the Indian securities markets, from being the first to enable securities lending and borrowing for our clients in India, to facilitating the largest QFI investment to being the first custodian to offer e-voting facility for company board meetings for our clients,” he added.

With a network that spans more than 95 countries, Citi Securities Services, a division of Citi’s Institutional Clients Group, offers securities and fund services to multinational corporations, financial institutions and public sector organizations around the world.

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