VTB intends to obtain the status of a foreign investor in India – Kommersant
[ad_1]
Indian newspaper Economic Times (ET), citing sources, reported that Russia’s VTB (MOEX: VTBR) has applied to the Securities and Exchange Board of India (SEBI) for a Foreign Portfolio Investor (FPI) license. To obtain a license, permissions from the Central Bank and the Reserve Bank of India are also required.
As ET writes, since the main shareholder of VTB is the Russian government, the bank can receive FPI of the first category. It has the right to issue and invest in offshore derivatives where the underlying asset is Indian securities. Additionally, Category 1 FPIs have higher position limits for derivatives investments.
Alfa Capital Management Company was the first among Russian organizations to receive FPI in February 2023, having entered into an agreement with the Indian Orbis Financial Corporation to provide depository services. In March, FG Finam announced that it would provide investors with access to the Indian market in partnership with FinSight Ventures and Ashika Group. In June, access to the Indian financial market received Management Company “First”.
FPI status provides organizations with access to operations on the local securities market and gives the right to manage client assets on stock exchanges by opening accounts with Indian brokers, banks and depositories.
Read more about the situation in the Kommersant article. “Financial flows are turning towards the Indus”.
[ad_2]
Source link
