INSUBCONTINENT EXCLUSIVE:
The Mauritius government has complained to India about its inclusion in a list of high-risk countries submitted to the market regulator,
July 6 said.
This has occurred despite Mauritius making strenuous efforts to ensure that any concerns were resolved, it said
total foreign portfolio inflows
The island nation has asked India to consider all the various actions it has taken to tackle money laundering, financial malpractices and
terror financing before the final list is drawn up
as custodians for foreign funds including HSBC, Deutsche Bank, Citi, Standard Chartered and JP Morgan shared a list of 25 countries that
The others are the Bahamas, Bahrain, Bermuda, British Virgin Islands, Cayman, Channel Islands, Cook Islands, Guernsey, Indonesia, Isle of
Man, Jersey, Kuwait, Liechtenstein, Malaysia, Oman, the Philippines, Russia, Saudi Arabia, Thailand, Trinidad and Tobago, and Turkey.
Hong
Kong, Switzerland and Luxembourg have been dropped from the list
A senior banker said Sebi will now finalise the names on the basis of the list from custodians
Kuriachen, Financial Services Commission (FSC) representative in Mumbai, told ET
a view to reinforcing financial supervision, enhancing transparency and strengthening the regimes to fight tax evasion, terrorist financing,
The entry barrier is stiffer as the threshold (for establishing NRI control or dominance in the fund pool) would be at a lower (and
therefore more stringent) level of 10% if the FPI is based in a high-risk jurisdiction.
The BO rule would also be triggered if the fund
manager is an NRI though not an investor
Thus, NRIs and OCI (Overseas Citizen of India) card holders will not be able to own more than 10% of such FPIs coming from high-risk
jurisdictions while details of any investor who owns more than 10% in the FPI will have to be provided to the custodian.
