The government has allowed qualified foreign investors (QFIs) from six member-countries of the Gulf Cooperation Council (GCC) and 27 countries of the European Commission (EC) to invest in the Indian capital market to enhance foreign capital inflows. The GCC nations include Saudi Arabia, Bahrain, UAE, Oman, Qatar and Kuwait.
With this, a $1 billion window over and above the current $20 billion limit has been created for QFI investment in corporate bonds and mutual fund debt schemes. The window is meant to test the waters for the time being and could be widened if required. Norms for opening accounts in India and keeping funds in them have also been relaxed substantially.
A QFI is an individual, group or association resident in a foreign country that is compliant with Financial Action Task Force (FATF) standards and is a signatory to the International Organization of Securities Commission’s (IOSCO’s) Multilateral Memorandum of Understanding (MMoU). QFIs do not include FIIs (foreign institutional investors) or sub-accounts.
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