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THE Foreign Investment Promotion Board (FIPB) has asked ICICI to obtain clearance from Sebi and RBI for its Rs 500-crore fund that is proposed to set up in Mauritius for making equity and equity related investments in the Indian market. The proposed fund has a green shoe option of up to Rs 250 crore, giving ICICI the potential to raise Rs 750 crore from domestic as well as international investors. The financial services giant had sought clearance for the Emerging India Fund Company with a term of seven years, with the option of increasing it by two years.

   The FIPB concluded that the proposal cannot be cleared now and directed ICICI to first register the fund with Sebi and obtain approval from the Reserve Bank of India. The private sector leader has been given the liberty to apply for fresh approval from FIPB after getting the nod from Sebi and RBI. The rejection now will not prevent ICICI Bank from coming back to the board for fresh approval for the Emerging India Fund Company, according to highly-placed government sources who do not wish to be identified. The fund is to invest in various key sectors like infrastructure, healthcare and education.

   “The board noted that currently the proposal does not complete the procedural requirement of regulatory approval making it premature for consideration of the board. The board accordingly deliberated and recommended the proposal for rejection with the liberty to the applicant to apply afresh after completing the aforesaid formalities,” the sources quoted the board decision as saying.

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