Sberbank has become the first Russian bank to register with the Securities and Exchange Board of India as a foreign portfolio investor (FPI).
Banking & Finance
Sberbank of Russia has become the first Russian bank to register with the Indian market regulator as a foreign portfolio investor (FPI), according to data available on the website of the National Stock Depository (NSDL). Russia's Sberbank, a state-owned bank that already has a presence in India, registered with the Indian markets regulator for a Category I FPI license last week. Licensed FPIs have to comply with less generous beneficial ownership disclosures, can subscribe to foreign derivative instruments that have underlying Indian stocks and also enjoy certain taxation benefits. FPI registration is granted only to foreign investors belonging to the government or government or regulated entities like banks, sovereign wealth funds, investment trusts, pension funds, asset management companies.
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