Citi’s Securities Services said that it is the first Designated Depository Participant (DDP) in India to register India’s first Foreign Portfolio Investor (FPI), under the Securities and Exchange Board of India (SEBI) Foreign Portfolio Investors Regulations 2014.
Citi added that it marks a significant step forward in the regime change in India – from the Foreign Institutional Investor/Qualified Foreign Investor (FII/QFI) to the Foreign Portfolio Investor (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 SEBI with the formation of a committee to rationalise the foreign portfolio investment routes available in the country.
Citi said that it was proud to have been a key member of this committee, and worked with SEBI and the Depositories 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,” said Aashish Mishra, head of securities services for Citi in India. “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.
“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.
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