FPIs and custodian banks get more time on stake disclosure
Synopsis
By May, custodian banks — which are multinational financial services groups holding securities on behalf of foreign portfolio investors (FPIs) investing in India — were supposed to put in place a system to capture the combined investment of each FPI and entities controlled by it in a company.
Mumbai: Amid the Covid second wave and choppy stock prices, market authorities are putting off their hunt for foreign investors and local promoters who may be controlling beyond their declared or permissible stakes in listed Indian companies by surreptitiously holding securities in offshore markets.
By May, custodian banks — which are multinational financial services groups holding securities on behalf of foreign portfolio investors (FPIs)
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