Citi Securities Services has registered as a foreign portfolio investor (FPI), under the SEBI (Foreign Portfolio Investors) Regulations, 2014.
The new legislation that replaces the two-decade old foreign institutional investors (FII) rule also brings foreign institutional investor/qualified foreign investor under the ambit of the new FPI framework.
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The new rule will enable foreign firm to gain Indian markets easily and allows a variety of previously ineligible investors to participate in India, as reported by The Hindu Business Line.
A statement issued by Citigroup was cited by The Hindu Business Line as saying, "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 rationalize the foreign portfolio investment routes available in the country."
The issuance of the FPI registration certificate was carried out by the National Securities Depository.
Aashish Mishra, head of securities services for Citi in India told the publication, "We have been able to register the first FPI to ever enter the Indian market."
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By GlobalData"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", he added.
Citi Securities Services, a division of Citi’s Institutional Clients Group, provides securities and fund services to multinational corporations, financial institutions and public sector organizations around the world.
