145 new FIIs set up shop in FY05: Sebi

By agencies   |   Tuesday, 23 August 2005, 07:00 Hrs
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MUMBAI: About 145 new foreign institutional investors (FII) came into the country while registrations from non-traditional countries like Denmark, Italy, Belgium, Canada, Sweden and Ireland went up significantly in the fiscal 2004-05, according to the Securities and Exchange Board of India (Sebi).

Apart from this, foreign pension funds, which are widely accepted as long-term investors registered as FIIs with Sebi. Some of them are CalPERS, UN Pension Fund, General Motors Employees’ Pension Fund, U.S. State Govt. Pension Funds, Commonwealth of Massachusetts Pension Reserves Investment Trust, Public School Retirement System of Missouri, Tennessee Valley Authority (TVA), Lonmodtagernes Dyrtidsfond.

The Sebi annual report for the last fiscal that was released last week said: “Traditionally, most of the institutions registered as FIIs have been from the U.S. and the UK. Though the trend continues, the registration of FIIs from countries like Denmark, Italy, Belgium, Canada, Sweden and Ireland went up in 2004-05.”

SEBI also hailed the role of foreign investors in keeping the market sentiment high during the year. “FIIs played a crucial role in sustaining buoyancy in the securities market through portfolio investments,” the report said.

The number of FIIs in India increased from 540 in 2003-04 to 685 in 2004-05, up 27 percent. Sub-accounts of FIIs also rose 22 percent to 1,889 over the previous year’s figure.

The decision of the center to hike the ceilings on various investments by FIIs during the year also helped attract more foreign investors into the country.

The Union government had announced, within the overall external commercial borrowing (ECB), ceiling of $9 billion, a sub-ceiling of $1.75 billion for FIIs investment in government securities and treasury bills, both under 100 percent debt route and normal 70:30 route for 2004-05.

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