Foreign institutional investors - Primary Data

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EXECUTIVE SUMMARY
Foreign Institutional investors (FIIs) are entities established or incorporated
outside India and make proposals for investments in India. These investment
proposals by the FIIs are made on behalf of sub accounts, which may include
foreign corporate, individuals, funds etcetera. In order to act as a banker to the
FIIs, the RBI has designated banks that are authorised to deal with them. The
biggest source through which FIIs invest is the issuance of Participatory Notes
(P-Notes), which are also known as Offshore Derivatives.
It can affect the factor productivity of the recipient country and can also affect
the balance of payments. In developing countries there was a great need of
foreign capital, not only to increase the productivity of labour but also helps to
build the foreign exchange reserves to meet trade deficit.
It can come in two forms: Foreign Direct Investment (FDI) and Foreign
Portfolio Investment (FPI). Foreign direct investment involves in the production
activity and also of medium to long-term nature. But the foreign portfolio
investment is a short-term investment mostly in the financial markets and it
consists of Foreign Institutional Investments (FII).
If FII’s are investing huge amounts in the Indian Stock Exchanges then it
reflects their high confidence and a healthy investor sentiment for our markets.
But with the current global financial turmoil and a liquidity and credit freeze in
the international markets, FII’s have become net sellers (on a day to day basis).
The entry of FII’s in India has brought mixed consequences for our markets, on
one hand they have improved the breadth and depth of Indian markets and on
the other hand they have also become the major sources of speculation in testing
times like these.
There is a huge need of FII in developing countries like Indian Economy in
order to keep growth of the infrastructure sector like power, transport, mining &
metallurgy, textiles, housing, retail, social welfare, medical etc. has to be
upgraded. India is left out to own devices to raise money and it has to build this
sector for the betterment of the economy in the near future.
The country like India has to bridge the technological gap i.e. it has low level of
technology because of which they lack in modern technology. Also this raises
the technologies from advanced countries. Such technology comes with the help

of foreign capital. As India lacks in technology they have to make use of
optimum resources. Though India has huge amount of mineral resources but
they can be used or extracted only with the help of foreign investment.
The Indian market is widely diversified with its 17 official languages and major
religions and ethical diversified as wide as Europe. Therefore, only a good
understanding of the Indian market and economy has to be developed. There are
companies who can help the foreign firm in guiding the entry process as in how
it is to be done.
The current scenario of FII investments in worth Rs. 11471389.20 crores in
equities whereas in debt an FII investment is worth Rs. 31,483.90 crores.
As India is in the process of liberalizing the capital account, it would have
significant impact on the foreign investments and particularly on the FII, as this
would affect short-term stability in the financial markets. Hence, there is a need
to determine push and pull factors behind any change in the FII, so that we can
frame our policies to influence the variables which drive-in foreign investment.
Also FII has been subject of intense discussion, as it is held responsible for
intensifying currency crises in 1990’s elsewhere.
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INTRODUCTION
 Foreign Institutional Investor means an institution established or
incorporated outside India which proposes to make investments
securities in India .
 They are registered as FII’s in accordance with Section 2 (f) of the
SEBI (FII) Regulations 1995 .
 FII’s are allowed to subscribe to new securities or trade in already
issued securities .
 These investment proposals by FII”s are made on behalf of sub
accounts , which may include foreign corporate , individuals , funds , etc.
 In order to act as a banker to FII’s the RBI has designated banks that
are authorized to deal with them .
 The biggest source through which FII’s invest is the issuance of
Participatory Notes , which are also known as Offshore Derivatives.
Participatory Notes:-
 Participatory Notes are the instruments issued by registered FIIs to
overseas investors, who wish to invest in the India Stock Markets
without registering themselves with SEBI.
 More than 30% of foreign institutional money coming to India is from
hedge funds. Hedge Funds which thrive on Arbitrage Opportunities,
rarely hold a stock for a long time.

 Participatory Notes are issued to the real investors on the basis of
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stocks purchased by the FII.
 To monitoring investments through Participatory Notes , SEBI decided
that FII’s must report Participatory Notes details.
 FII’s issue Participatory Notes on “7th day of the following month”.
 FII merely invest for themselves through Participatory Notes on
“Quarterly Basis”.
 FII who do not issue Participatory Notes but have trades where there
is “Nil” undertaking on a quarterly basis.

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HISTORY OF FII IN INDIA
 Since 1990-1991, the Government of India embarked on Liberalization and
Economic reforms with a view of bringing about rapid and substantial
economic growth and move towards globalization of the economy.
 As a part of the reforms process, the Government under its New Industrial
Policy revamped its foreign investment policy recognizing the growing
importance of foreign direct investment as an instrument of technology
transfer, augmentation of foreign exchange reserves and globalization of
Indian economy.
 Simultaneously, the government, for the first times permitted portfolio
investments from abroad by foreign institutional investors in the Indian
Capital Market.
 The entry of FII’s seems to be a follow up of the recommendations of
Narsimhan Committee Report on Financial system.
 While recommending their entry, the committee however, did not elaborate
on the objectives of the suggested policy.
 The committee only suggested that the capital market should be gradually
opened up to foreign portfolio investments.
 From 14, September 1992 with suitable restrictions Foreign Institutional
Investors were permitted to invest in all the securities traded on primary and
secondary market, including shares, debentures and warrants issued by the
companies which were listed or were to be listed on the Stock Exchanges in
India.
 While presenting the Budget of 1992-1993 the then Prime Minister Dr.
Manmohan Singh had announced the proposal to allow reputed foreign
investors, such as pension funds etc. to invest in Indian Capital Markets.

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IMPORTANCE OF FII IN THE INDIAN MARKETS
 FIIs are among the major sources of liquidity for the Indian markets.
 If FIIs are investing huge amounts in the Indian stock exchanges then it
reflects their high confidence and a healthy investor sentiment for our
markets.
 But with the current global financial turmoil and a liquidity and credit freeze
in the international markets, FIIs have become net sellers (on a day to day
basis).
 The entry of FII’s in India has brought mixed consequences for our markets,
on one hand they have improved the breadth and depth of Indian markets
and on the other hand they have also become the major sources of
speculation in testing times like these.

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ROLE OF FII’s
 The Indian Stock Market has come of age and has substantially aligned itself
with the international trade.
 Market has also witnessed a growing trend of “institutionalization” that may
be considered as a consequence of globalization.
 It is the influence of FII’s which changed the face of the Indian stock
markets. Screen based trading and depositories are realities too largely
because of FII’s.
 FII which based the pressure on the rupee from the balance of payments
position and lowered the cost of capital to Indian business.
 FII’s are trendsetters in any market. They were the first ones to identify the
potential of Indian Technology stocks. When the rest of the investors
invested in this scrip’s, they exited the scrip’s and booked profits.
 Rolling settlement was introduced at the insistence of FIIs as they were
uncomfortable with the badla system.
 FIIs have started playing a critical role in the movement of stock market.

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NEED OF FII IN DEVELOPING COUNTRIES (INDIA)
1. Infrastructure Renewal:
 To keep the Indian economy growing the infrastructure sector like power,
transport, mining& metallurgy, textiles, housing, retail, social welfare,
medical etc. has to be upgraded.
 After the Enron fiasco, it is difficult to persuade anybody in the west to take
interest in any of these sectors.
 Hence India is left to its own devices to raise money and build this sector.
Borrowing abroad supplemented with Indian resources is the only way open
to India.
 This upgrade is needed prior or in step with the industrial and service exports
sector growth.
 It has to be placed on a higher priority.
 Only recently a suggestion to use a small portion of India’s foreign reserves
met with howl of protests.
 The protestors in the Indian Parliament did not understand the proposal.
Hence the government is stuck to steam roller its proposal through the
legislative process or succumb to political pressure and do nothing.
 The latter is not acceptable.
 If India finds its own $4 Billion a year for infrastructure then foreign
investors will kick in another similar portion.
 The resulting money will very quickly rebuild the now cumbersome
infrastructure.

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2. Bridge the technological gap:
 Developing countries has a very low level of technology.
 Their technology is not up to the standards and they lack in modern
technology.
 Developing countries possess a strong urge for industrialization to develop
their economies and to wriggle out of the low-level equilibrium trap in which
they are caught.
 This raises the necessity for importing technologies from advanced
countries. Such technology usually comes with foreign capital.
3. Optimum utilization of resources:
 A number of developing countries possess huge mineral resources which
are4 untapped and unexploited.
 Due to lack of technology these countries are not able to use their resources
to the fullest.
 As a result they have to depend on the foreign investment with the help of
which technology of the country and that will ultimately lead to the optimum
utilization of the resources.
 India has very huge reserves of mineral resources and to optimize their use
or rather for extracting them efficiently and effectively modern technology is
required which is possible through foreign investment.
4. Balancing the balance of payment position:
 In the initial phase of economic development, the under developing
countries need much larger imports.
 As a result the balance of payment position generally turns adverse. This
creates gap between earnings and foreign exchange.
 The foreign capital presents short run solution to the problem.

 So in order to balance the Balance of Payment Foreign Investment is needed.
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5. Develop the Diverse Market
 The Indian market is widely diverse.
 The country has 17 official languages, 6 major religions, and ethnic diversity
as wide as all of Europe.
 Thus, tastes and preferences differ greatly among sections of consumers.
 Therefore, it is advisable to develop a good understanding of the Indian
market and overall economy before taking the plunge.
 Research firms in India can provide the information to determine how, when
and where to enter the market.
 There are also companies which can guide the foreign firm through the entry
process from beginning to end --performing there quisite research, assisting
with configuration of the project, helping develop Indian partners and
financing, finding the land or ready premises, and pushing through the
paperwork required.

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POLICY MEASURES TO ATTRACT FII’S
The Government of India has introduced many policy measures to attract FII:
1. Automatic approval:
 Automatic approval up to a specified limit is allowed in 34 specified high
priority, capital intensive and high technology industries.
 Foreign investment has been allowed in exploration, production and refining
of oil and marketing of gases.
2. The Foreign Investment Promotion Board (FIPB):
 FIBP has been set up to process applications in cases not covered by
automatic approval.
3. A Foreign Investment Implementation Authority (FIIA):
 FIIA was established in august 1999 within the Ministry of Industry in order
to ensure the approvals for Foreign Investment (including NRI investment)
are quickly translated into actual investment inflows and that proposals
fructify into projects.
 In particular, in case where FIBP clearance is needed, approval time has
been reduced to 30 days.
 Foreign companies have been allowed to use their trade marks on domestic
sales from 14may 1992.

4. Provisions of the Foreign Exchange management act (FEMA) should be
liberalized:
 This is through an ordinance dated on 9 January 1997 as a result of which
more than 40%of foreign equity is also treated on par with fully owned
Indian company.
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5. Disinvestment on equity:
 Disinvestment on equity by foreign investors has been allowed at market
rates on stock exchanges from 15 September 1992 with permission to
repatriate the proceeds of such Disinvestment.

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INSTITUTIONS THAT ARE ELIGIBLE TO SEEK
REGISTRATION AS FII’s
The following entities / funds may apply to SEBI for registration as
FII’s:-
 Pension Funds
 Mutual Funds
 Insurance / Reinsurance Companies
 Investments Trusts
 Banks
 University Funds
 Endowments
 Foundations
 Charitable Trusts / Charitable Societies
 Foreign Governmental Agencies
 Foreign Central Banks
 Sovereign Wealth Funds
 International / Multilateral Organizations / Agencies
 Broad Based Funds
Further, following entities proposing to invest on behalf of broad based funds,
are also eligible to be registered as FIIs:
• Asset Management Companies
• Institutional Portfolio Managers

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• Trustees
• Power of Attorney Holders.
DOCUMENTS REQUIRED TO BE SUBMITTED AT THE
TIME OF APPLYING FOR REGISTRATION AS AN FII
 Application in form “A” duly signed by the authorized signatory of the
applicant.
 Certified copy of the relevant clauses or articles of M/A & A/A.
 Audited financial statements and annual reports for the last one year,
provided that the period covered shall not be less than twelve months.
 A declaration by the applicant with registration number and other particulars
in support of its registration or regulation by a securities commission or self
regulatory organization or any other appropriate regulatory authority with
whom the applicant is registered in its home country.
 A declaration by the applicant that it has entered into a custodian agreement
with a domestic custodian together with particulars of domestic custodian.
 A signed declaration statement that appears at the end of the form.
 Declaration regarding fir and proper entity.

INVESTMENTS CONDITIONS AND RESTRICTIONS OF FII’s
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 A Foreign Institutional Investor can only invest in the following:
(a) Securities in the primary and secondary market including shares and
debentures and warrants of companies, unlisted, listed or to be listed on a
recognized stock exchange in India.
(b) Units of Schemes floated by domestic mutual funds including UTI, whether
listed or not listed on a recognized stock exchange in India.
(c) Dated Government securities.
(d) Derivatives traded on recognized stock exchanges.
(e) Commercial Paper.
(f) Security receipts.
 The total investments in equity and equity related instruments made a
Foreign Institutional Investor in India, whether on his own account or
account of his sub-accounts, should not be less than 70% of aggregate of all
investments of the Foreign Institutional Investor in India, made on his own
account and on account of his sub-accounts.
 However, this is not applicable to any investment of the foreign institutional
investor either on its own account or on behalf of its sub-account in debt
securities which are unlisted or listed to be on any stock exchange if the prior
approval of the SEBI has been obtained for such investments.
 Further, SEBI will be granting approval for the investments may impose
conditions as are necessary with respect to the maximum amount which can
be invested in debt securities by the foreign institutional investor on his own

account or through its sub-accounts. A foreign corporate or individual is not
eligible to invest through 100% debt route.
 Even the investments made by FIIs in security receipts issued by
securitization companies or asset reconstruction companies under the
Securitization and Reconstruction of Financial assets and Enforcement of
Security Interest Act, 2002 are not eligible for the investment limits
mentioned above.
 No foreign institutional investor should invest in security receipts on behalf
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of its sub-accounts.

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REGISTRATION PROCESS
FII’s must be mandatorily registered with SEBI to buy, sell or otherwise deal in
securities. After a registration the FII gets a registration certificate. Following is
the process of registration:
 Application For Registration:
- An application for the grant of certificate shall be made to SEBI in Form A.
- Any Foreign Institutional Investor who has made an application for the grant
of certificate to the Board prior to the commencement of these regulations shall
be deemed to have an application and the application shall be accordingly dealt
with under these regulations.
 Furnishing Of Information , Explanation, And Personal Representation:
- The Board may require the applicant to furnish such further information or
clarification as the Board considers necessary regarding matters relevant to the
activities of the applicant for the grant of certificate.
- The applicant or his authorized representative shall, if so required by the
Board, appear before the Board for Personal representation in connection with a
grant of a certificate.
 Application To Conform To The Requirements:
- Subject to the provisions, the Board shall reject any application, which is not
complete in all respects and does not confirm to the instructions specified in the
form or is false or misleading in any particular material.

- Provided that, before rejecting any such application, the applicant shall be
given a reasonable opportunity to remove it, within the time specified by the
Board.
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 Consideration Of Application :
- For the purpose of the grant of certificate the Board shall take into account
all matters which are relevant to the grant of a certificate and in particular the
following: -
1) The applicant's track record, professional competence, financial soundness,
experience, general reputation of fairness and integrity.
2) Whether an appropriate foreign regulatory authority regulates the applicant.
3) Whether the applicant has been granted permission under the provisions of
the Foreign Exchange Regulation Act, 1973 (46 of 1973) by the Reserve Bank
of India for making investments in India as a Foreign Institutional Investor.
4) Whether the applicant is: -
(i) An institution established or incorporated outside India as Pension Fund or
Mutual Fund or Investment Trust.
(ii) An Asset Management Company or Nominee Company or Bank or
Institutional Portfolio Manager, established or incorporated outside India and
proposing to make investments in India on behalf of broad based funds and its
proprietary funds, if any.
(iii) A Trustee or a Power of Attorney holder incorporated or established outside
India, and proposing to make investments in India on behalf of broad based
funds.
(iv) University fund, endowments, foundations or charitable trusts or charitable
societies.
5) While considering the applications the Board may take into account the
following:
(i) Whether the applicant has been in existence for a period of at least 5 years.

(ii) Whether the applicant is legally permissible to invest in securities outside
the country of its incorporation or establishment.
(iii) Whether the applicant has been registered with any statutory authority in
the country of their incorporation or establishment.
(iv) Whether any statutory authority has initiated any legal proceeding against
the applicant.
6) Whether the grant of certificate to the applicant is in the interest of the
development of the securities market.
- Whether the applicant is a fit and proper person. A domestic portfolio
manager or a domestic asset management company shall be eligible to be
registered as a Foreign Institutional Investor to manage the funds of the sub –
accounts. It shall make an application.
- For the grant of certificate to the domestic asset management company or to a
domestic portfolio manager the Board shall consider the following:
a) Whether the applicant is an approved asset management company or a
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registered portfolio manager and that the approval or registration is valid.
b) Whether any disciplinary proceeding is pending before the Board against
such applicant.
 Grant Of Certificate :
- Where an application is made for grant of certificate under these regulations,
the Board shall, as soon as possible but not later than three months after
information called for by it is furnished, if satisfied that the application is
complete in all respects, all particulars sought have been furnished and the
applicant is found to be eligible for the grant of certificate, grant a certificate
subject to payment of fees.
- The registration fee shall be payable by the applicant by a draft in favor of
"Securities and Exchange Board of India" or by any appropriate mode or
instrument as may be specified by the Board.
- Provided further that a domestic portfolio manager or domestic asset
management company shall not be liable to pay fee.
 Validity Of Certificate :

- The certificate and each renewal thereof shall be valid for a period of five
years from the date of its grant or renewal, as the case may be.
- Provided further that the certificate of registration granted or approved under
the Securities and Exchange Board of India (Portfolio Managers) Regulations,
1993 or the securities and Exchange Board of India (Mutual Funds)
Regulations, 1996, expires before the expiry of registration under these
Regulations, or the certificate of such entity is suspended, the domestic portfolio
manager or domestic asset management company shall cease to carry on any
activity as foreign institutional investor and shall be subject to the directions of
the Board with regard to the fund, securities or records that may be in its
custody or control as a foreign institutional investor.
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 Application for Renewal of Certificate :
- Three months before the expiry of the period of certificate, the Foreign
Institutional Investor, if he so desires, may make an application for renewal.
- Provided that a Foreign Institutional Investor who does not desire to renew
its registration or has failed to make an application for renewal shall, at the time
of expiry of registration, obtain a specific permission from the Board, for
disinvesting the securities held by it on its own account or on behalf of its sub-accounts,
within a stipulated time period, subject to such terms and conditions
as may be specified by the Board.
- The application for renewal shall, as far as possible, may be dealt with in the
same manner as if it were an application made for grant of a certificate.
- The Board, on such application, if satisfied that the applicant fulfils the
requirements, shall grant a certificate subject to payment of fees.

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ADVANTAGES OF FII
1. FII’s can individually purchase up to 10% And Collectively up to 24%
of the paid up share capital of an Indian company.
2. The limit of 24% can be Increased to Sectorial Cap/ Statutory Limit
Applicable to The Indian Company by passing a Board Resolution /
Shareholders Resolution .
3. FII can purchase shares through open offers / Private Placement / Stock
Exchange .
4. Shares Purchased by FII through Stock Exchange cannot be sold
through a Private Arrangement .
5. Proprietary Funds , Foreign Individuals and Foreign Corporate can
register as a sub-account And Invest Through the FII . Separate Limits
of 10% / 5% is Available for the sub-accounts.
6. FII’s can raise money through Participatory Notes or Offshore
Derivative Instruments For Investing in the Underlying Indian
Securities .
7. Enhanced flows of equity capital.
8. Managing uncertainty and controlling risks.
9. FII’s have a greater appetite for equity than debt in their asset structure
. It improves capital structure.
10. FII inflows helps in financial innovation and development of hedging
investments.
11. Improving capital markets.
12. FII’s as professional bodies of asset managers and financial analysts
enhance competition and efficiency of financial markets.

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13. Equity market development aids economic development.
14. By increasing the availability of riskier long term capital for projects
, and increasing firms incentives to provide more information about their
operations , FII’s can help in the process of economic development .
15. Improved Corporate Governance.
DISADVANTAGES OF FII
1. Problems of Inflation :-
 Huge amounts of FII fund inflow into the country creates a lot of
demand for rupee , and the RBI pumps the amount of Rupee in the
market as a result of demand created .
2. Problems of small investors :-
 The FII ‘s profit from investing in emerging financial stock markets. If
the cap on FII is high then they can bring in huge amounts of funds
in the country’s stock markets and thus have great influence on the
way the stock markets behaves , going up or down .
 The FII buying pushes the stocks up and their selling shows the stock
market the downward path. This creates problems for the small retail
investor , whose fortunes get driven by the actions of the large FII’s .
3. Adverse impact on Exporters :-
 FII flows leading to appreciation of the currency may lead to the
exports industry becoming uncompetitive due to the appreciation of the
rupee .
4. Hot Money :-
 “ Hot Money “ refers to the funds that are controlled by investors
who actively seek short term returns . These investors scan the market
for short – term, high interest rate investment opportunities .

 Hot money can have economic and financial repercussions on countries
and banks. When money is injected into a country , the exchange rate
for the country gaining the money strengthens, while the exchange
rates for the country losing the money weakens . If money is
withdrawn on short notice, the banking institutions will experience a
shortage of funds .
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INVESTMENTS LIMITS ON EQUITY BY FII
 FII on its own behalf ,shall not invest in equity more than 10% of
total issued capital of an Indian Company .
 Investment on behalf of each sub-account shall not exceed 10% of
total issued capital of an Indian Company.
 For the sub-account registered under Foreign Companies / Individual
category , the investment limit is fixed at 5% of issued capital .
 These limits are within overall limit of 24% / 49% / or the sectorial
caps as prescribed by Government of India / Reserve Bank Of India .

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INVESTMENTS LIMITS ON DEBT INVESTMENTS BY FII
 For FII Investments in Government Debt , currently following limits are
applicable :-
 100 % Debt route US $ 1.5 Billion.
 70: 30 route US $ 200 Billion.
 Total Limit US $ 1.75 Billion.
 For Corporate the limit for Debt Investment is fixed at US $ 500
Million.

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INVESTMENTS LIMITS ON DERIVATIVES BY FII
1) Limits on FII Position in a Derivative Contract (Individual Stock) :
 For stock in which the market wide position is less than or equal to Rs.
250 crores, the FII position Limits such stock can be 20% of the market
wide limits.
 For the stocks in which the market wide position is more than Rs. 250
crores, the FII position Limits in such stock can be Rs. 50 crores.
2) FII Position Limits in Indian Option Contracts :
 FII position limit in all index option contracts on a particular underlying
index shall be Rs. 250 crores or 15 percent of the total open interest of the
market in index option, whichever is higher, per exchange.
 This limit would be applicable on open positions in all option contracts
on a particular underlying index.
3) FII Position Limits in Index Future Contracts:
 FII position Limits in all index future contracts on a particular underlying
index shall be Rs. 250 crores or 15 percent of the total open interest of the
market in index future, whichever is higher, per exchange. This Limit
would be applicable on open positions in all futures contracts on a
particular underlying asset.
 In addition to the above, FII’s shall take exposure in equity index
derivatives subject to the following Limits:

 Short Position in Index Derivatives (short futures, short calls and long
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puts) not exceeding (in national value) the FII’s holding of stock.
 Long Position in Index Derivatives (long futures, long calls and short
puts) not exceeding (in national value) the FII’s holding of cash
government securities, Treasury Bills and similar instruments.
4) FII Position Limits in Interest Rate Derivative Contracts:
1. at the level of FII: The national value of gross open option of a FII in
exchange traded interest derivatives contract shall be:
 Rs.100 Million.
 In addition to the above, the FII may take exposure in traded in interest rate
derivative contracts to the extent of the book value of their cash market
exposure in Government Securities.
2. at the level of Sub-Account: The position limits for a Sub – account in
near month exchange traded interest rate derivatives contracts shall be
higher of:
 Rs. 100 crores or
 15 percent of total open interest in the market in exchange traded interest
rate derivatives contracts.

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GENERAL OBLIGATIONS AND RESPONSIBILITIES
FII’s have to face some other general obligations and responsibilities, which are
as follows:
1) Appointment of Domestic Custodian:-
 A Foreign Institutional Investor or a global custodian acting on behalf
of the Foreign Institutional Investor, shall enter into the agreement with
a domestic custodian to act as a custodian of securities for the Foreign
Institutional Investor .
 The domestic Custodian includes any person carrying on the activity of
providing custodial services with respect to securities.
 The FII can appoint more than one custodian with the SEBI’s prior
permissions but only one for a single sub- account.
 The Foreign Institutional Investor shall ensure that the domestic
custodian takes steps for:
 Monitoring of investments of the Foreign Institutional Investor in India
.
 Reporting to the Board on a daily basis the transactions entered into by
the Foreign Institutional Investor
 Preservation for five years of records relating to his activities as a
Foreign Institutional Investor.

 Furnishing such information to the Board as may be called for by the
Board with regard to the activities of the Foreign Institutional Investor
and as may be relevant for the purpose of this regulation.
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2) Appointment of Designated Bank:
 A Foreign Institutional Investor shall approach a bank approved by the
Reserve Bank Of India for opening of foreign currency denominated
accounts and special non-resident rupee accounts .
3) Investment Advice in Publically Accessible Media:
 A Foreign Institutional Investors or any of his employees shall not render
directly or indirectly any investment advice about any security in the
publically accessible media, whether real-time or non-real time, unless a
disclosure of his interest including long or short position in the said security
has been made, while rendering such advice.
 In case, an employee of the Foreign Institutional Investor is rendering such
advice, he shall also disclose the interest of his dependent family members
and the employer including their long or short position in the said security,
while rendering such advice.
4) Maintaining Of Proper Books of Accounts, Record:
 Every Institutional Investor shall keep or maintain, as the case may be, the
following books of accounts, records and documents:
 True and fair accounts relating to remittance of initial corpus for buying,
selling and realizing capital gains of investment made from the corpus;
 Accounts of remittances to India for investments in India and realizing
capital gains on investments made from such remittances;
 Bank statement of accounts;
 Contract notes relating to purchase and sale of securities; and

 Communication from and to the domestic custodian regarding investments in
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securities.
 The Foreign Institutional Investor shall intimate to the Board in writing the
place where such books, records or documents will be kept or maintained.
1. Preservation Of Books Of Accounts, Records :
 Subject to the Provisions of any other Law, for the time being in force, every
Foreign Institutional Investor shall preserve the books of accounts, records
and documents for a minimum period of five years.
2. Appointment of Compliance Officer:
 Every Foreign Institutional Investor shall appoint a compliance officer who
shall be responsible for monitoring the compliance of the Act, rules and
regulations, notifications, guidelines, instructions etc. issued by the Board or
the Central Government.
 The compliance officer shall immediately and independently report to the
Board any non-compliance observed by him.
3. Information to the Board:
 Every Foreign Institutional Investor shall, as and when required by the Board
or the Reserve Bank of India, submit to the Board or the Reserve Bank of
India, as the case may be, any information, record or documents in relation
to his activities as a Foreign Institutional Investor as the Board or as the
Reserve Bank of India may require.
 Foreign Institutional Investors shall fully disclose information concerning
the terms of and parties to off-shore derivative instruments such as
Participatory Notes, Equity Linked Notes or any other such instruments, by
whatever names they are called, entered into by it or its sub-accounts or
affiliates relating to any securities listed or proposed to be listed in any stock
exchange in India, as and when and in such form as the Board may require.

30
IMPACT OF FII ON INDIAN ECONOMY:-
 FII leads to appreciation of the currency : FII needs to maintain an
account with RBI for all transaction to understand the implication of
FII on the exchange rate we have to understand how the value of one
currency appreciate or depreciate against the other currency .
 FII and exports :- If our Indian Currency appreciates just because of
FII (net inflow in India ) there is adverse effect on our export . Our
export industry will become uncompetitive due to appreciation of
rupees .
 FII and stock market :- when cap on FII is high then they can bring
lot of funds in the country’s stock market .
 FII and inflation :- The huge of amount of FII fund flow creates the
huge demand for Indian rupees . In that situation RBI prints more
money in the market . This situation could lead to excess liquidity thereby
leading to inflation.

DIFFERENCE BETWEEN FOREIGN DIRECT INVESTMENT
& FOREIGN INSTITUTIONAL INVESTORS
Foreign Direct Investment Foreign Institutional Investors
1. It is a long term investment. 1. It is generally a short term investment.
2. Investment in physical assets. 2. Investments in Financial assets.
3. Aim is to increase enterprise
capacity or productivity or change
management control .
31
3. Aim is to increase capital availability.
4. Leads to technology transfer ,
access to markets and
management inputs .
4. FII results only in capital inflows.
5. FDI flows into the primary
market.
5. FII flows into the Secondary Market.
6. Entry and Exit is relatively
difficult.
6. Entry and Exit is relatively easy.
7. FDI is eligible for profits of the
company.
7. FII is eligible for Capital Gain.
8. Does not tend to be speculative. 8. Tends to be speculative.
9. Direct impact of employment of
labour and wages.
9. No Direct impact of employment of
labour and wages .
10. Abiding interest in management. 10. Fleeting interest in management.

32
REASONS TO INVEST IN INDIA
Some of the major reasons to invest in India:
1. It is one of the largest economies in the world, fourth largest in terms of
purchasing power parity.
2. Strategic Location- access to the vast domestic and south Asian Market.
3. Large and rapidly going consumer markets up to 300 million people
constitute the market for branded consumer goods – estimated to be growing at
8% p.a.
4. Demand for several consumer products is growing at over 12% p.a.
5. Skilled manpower and professional managers are available for completive
cost.
6. One of the largest manufacturing sectors in the world, spanning almost all
areas of manufacturing activities.
7. One of the largest pools of scientists, engineers, technicians and managers in
the world.
8. Rich base of mineral and agricultural resources.
9. Developed banking system- commercial network is over 63000 branches
supported by a number of national and state level financial institutions.
10. Well developed R&D infrastructure and technical and marketing services.
11. Well balanced package of fiscal incentives.

33
12. English is widely spoken and understood.
13. Foreign brand names are freely used.
14. No income tax on profits derived from export of goods.
15. Complete exemption from customs duty on industrial inputs and corporate
tax Holiday for five years for 100% export oriented units and Export Processing
zones.
INVESTMENTS BY FII’S UNDER PORTFOLIO
INVESTMENT SCHEME
The RBI has given general permission to SEBI-registered FIIs/sub-accounts to
invest under the Portfolio Investment Scheme (PIS).
 The total holding of each FII/sub-account under this scheme should not
exceed 10 percent of the total paid up capital or 10 percent of the paid-up
value of each series of convertible debentures issued by the Indian company.
 The total holding of all the FIIs/sub-accounts put together should not exceed
24 percent of the paid-up capital or the paid-up value of each series of
convertible debentures. This limit of 24 percent can be increased to the
sectoral cap/statutory limit as applicable to the Indian company concerned,
by passing a resolution of its Board of Directors, followed by a special
resolution to that effect by its General Body.
 A domestic asset management company or portfolio manager who is
registered with the SEBI as an FII for managing the funds of a sub-account
can make investments under the scheme on behalf of:
- A person resident outside India who is a citizen of a foreign state; or
- A corporate body registered outside India.
 However, such investment should be made out of the funds raised, collected,
or brought from outside through a normal banking channel. The investments
by such entities should not exceed 5 percent of the total paid-up equity
capital or 5 percent of the paid-up value of each series of convertible
debentures issued by an Indian Company, and should also not exceed the
overall ceiling specified for FIIs.

34
LIST OF COMPANIES (2013-2014)
 Companies in which FII Investment is allowed up to 30% of their paid
up capital ( 2013-2014):
1. Aptech Ltd
2. Asian Paints (India) Ltd
3. Capital Trust Ltd
4. Container Corporation of India
5. Ferro Alloys Corporation Ltd
6. Garware Polyester Ltd
7. GIVO Ltd
8. Gujarat Ambuja Cements Ltd
9. InfoTech Enterprises Ltd
10. Mastek Ltd
11. Orchid Chemicals and Pharmaceuticals Ltd
12. Pentasoft Technologies Ltd (Pentafour Communications Ltd)
13. Polyplex Communications Ltd
14. Ranbaxy Laboratories Ltd
15. Software Solutions Integrated Ltd
16. Sonata Software Ltd
17. The Credit Rating Information Services of India Ltd
18. The Paper Products Ltd

35
19. Vikas WSP Ltd
 Companies in which FII Investment is allowed upto 40% of their paid
up capital (2013-2014):
1. Balaji Telefilms Ltd
2. M/s. Burr Brown (India) Ltd
3. M/s. Elbe Services Ltd.
4. Hero Honda Motors Ltd.
5. Jyothi Structures Ltd.
6. Mars Software International Ltd.
7. Padmini Technologies Ltd
8. Pentamedia Graphics Ltd.
9. Thiru Arooran Sugars Ltd.
10. UTV Software Ltd.
11. Visual Soft Technologies Ltd
12. M/s. Silver line Technologies Ltd.
13. Ways India Ltd
14. SSI Ltd
up capital (2013-2014):
1. Blue Dart Express Ltd
2. CRISIL
3. HDFC Bank Ltd
4. Hindustan Lever Ltd.

36
5. Himachal Futuristic Communications Ltd
6. Infosys Technologies Ltd.
7. NIIT Ltd.
8. Dr. Reddy's Laboratories
9. Panacea Biotech Ltd
10. Reliance Industries Ltd.
11. Reliance Petroleum Ltd.
12. Sofia Software Ltd
13. Sun Pharmaceutical Industries Ltd
14. United Breweries Ltd.
15. United Breweries (Holdings) Ltd.
16. Zee Telefilms Ltd.
up capital (2013-2014):
1. ICICI Bank Ltd.
 Companies in which FII Investment is allowed up to sectorial
cap/statutory ceiling of their paid up capital (2013-2014):
1. GTL Ltd. - (74%)
2. Housing Development Finance Corporation Ltd. - (74%)
3. Infosys Technologies Ltd. - (100%)
4. Pentamedia Graphics Ltd. - (100%)
5. Pentasoft Technologies Ltd. - (100%)

37
6. Mascon Global Ltd. - (100%)
7. Punjab Tractors Ltd. - (64%)
8. Satyam Computer Services Ltd - (60%)
9. AZTEC Software and Technology Services Ltd - (100%)
10. Educomp Solutions Limited – (100%)
11. Gateway Distriparks Ltd - (100%)
12. Geodesic Information Systems Ltd- (100%)
13. Geometric Software Solutions Ltd – (100%)
14. HCL Info systems Ltd. – (100%)
15. Hexaware Technologies Ltd – (100%)
16. Housing Development and Infrastructure Limited – (100%)
17. India bulls Real Estate Limited – (100%)
18. India bulls Financial Services Ltd – (100%)
19. India bulls Securities Limited - (100%)
20. Info tech Enterprises Limited (100%)
21. IVRCL Infrastructures & Projects Ltd (100%)
22. India Info line Ltd. – (100%)
23. Mascon Global Ltd. – (100%)
24. Mphasis BFL Ltd – (100%)
25. Orbit Corporation Ltd. – (100%)
26. Prajay Engineers Syndicate Limited – (100%)
27. Punj Lloyd Limited (100%)
28. IFCI Limited. (74%)
29. Reliance Communications Ltd – (74%)

38
30. Sujana Metal Products Ltd - (100%)
31. Sujana Towers Limited-(100%)
32. Sujana Universal Industries Ltd - (100%)
33. Shrenuj & Company Limited- (100%)
34. Unitech Limited – (100%)
35. Inter world Digital Limited (100%)
36. India bulls Housing Finance Limited (100% w.e.f.19.03.2013)
37. Tara Jewels Limited (100% w.e.f.13.05.2013)
38. Uttam Galva Steels Limited (100% w.e.f.23.05.2013)
 Companies where 22% FII investment limit has been reached and
further purchases are allowed with prior approval of RBI (2013-2014) :
1. ACC Ltd.
2. Digital Global Soft Ltd.
 Companies where 28% FII investment limit has reached and further
purchases are allowed with prior approval of RBI (2013-2014) :
None
 Companies where 38% FII investment limit has reached and further
purchases are allowed with prior approval of RBI (2031-2014):
None
 Companies in which the Caution limit (47%) in respect of maximum
permissible foreign holding including NRI/PIO/FII Investment as
stipulated by Government has been reached (2013-2014) :
None

 List of Companies in which FII investments is allowed up to limits fixed
39
by companies as indicated against their names (2013-2014) :
1. Amtek Auto Ltd - (74%)
2. Advanta India Limited – (49%)
3. Amtek India Ltd - (74%)
4. Ahmednagar Forgings Ltd - (74%)
5. Anant Raj Industries Ltd. - (40%)
6. ANG Auto Ltd - (49%)
7. Apollo Hospitals - (74%)
8. Aptech Ltd - (74%)
9. Arshiya International Limited - (49%)
10. Ansal Properties Infrastructure Limited - (49%)
11. Bhagwati Banquets & Resorts Ltd.
12. Bombay Rayon Fashions Ltd - (26%)
13. Bajaj Auto Finance Ltd - (30%)
14. Bajaj Hindusthan Limited - (74%)
15. Balrampur Chini Mills Ltd - (60%)
16. Birla Power Solutions Ltd. - (74%)
17. Core Projects & Technologies Ltd. - (74%)
18. Cranes Software International Limited - (60%)
19. Crest Communication Ltd - (50%)
20. CESC Ltd. - (49%)
21. CREW B.O.S. Products Ltd. - (49%)
22. DCM Ltd - (49%)

40
23. Development Credit Bank Ltd. - (49%)
24. Dagger-Forts Tools Ltd. - (74%)
25. Emco Ltd - (49%)
26. Escorts Ltd - (49%)
27. Era Construction (India) Ltd - (40%)
28. Fedders Lloyd Corporation Limited- (74%)
29. Ganesh Housing Corporation Ltd. - (49%)
(Formerly Ganesh Housing Finance Corporation Ltd)
30. Gammon India Ltd - (49%)
31. Garware Offshore Services Ltd - (60%)
32. Godrej Consumer Products Ltd - (35%)
33. Great Offshore Limited - (49%)
34. GTL Ltd. – (74%)
35. GTL Infrastructure Ltd. – (74%)
36. Gujarat Pipavav Port Limited - (45%) (W.e.f May 29, 2012)
37. HTMT Global Solutions Ltd.-(74%)
38. Hindustan Construction Co Limited - (49%)
39. Hindalco Industries Limited – (40%)
40. Igarashi Motors India Ltd. - (40%)
41. IL & FS Investment Managers Ltd- (74%)
42. ICSA (INDIA) Ltd. - (49%)
43. I-Flex Solutions Ltd. - (60%)
44. India Nivesh Limited - (49%)
45. Infrastructure Development Finance Company Limited (w.e.f. 54% revised

41
From earlier limit - (74%)
46. Info Edge (India) Ltd. - (40%)
47. International Conveyor Limited - (74%)
48. IOL Broadband Ltd. - (49%)
49. Jai Corp Ltd. - (49%)
50. Jindal Saw Limited - (49%) (Formerly Saw Pipes Limited)
51. Jaisal Securities Limited - (50%)
52. Jaiprakash Associates Ltd. (45%)
53. JSW Steel Limited – (49%)
54. Jupiter Bioscience Ltd. - (70%)
55. Kamdhenu Ispat Ltd. (49%)
56. Karuturi Networks limited (74%)
57. KEI Industries Ltd. - (49%)
58. Kotak Mahindra Bank Ltd (35% w.e.f. 12-10-2012, updated from earlier
Limit) - (33%)
59. KPIT Cummins Info systems Limited - (49%)
60. Laxmi Energy & Foods Ltd (Lakshmi Overseas Industries Ltd) (49%)
61. Lloyd Electric & Engineering Ltd - (74%)
62. Logix Microsystems Ltd - (74%)
63. Micro Technologies (India) Limited - (49%)
64. Maharashtra Seamless Limited - (40%)
65. McDowell Holdings Ltd - (49%)
66. Mercator Lines Ltd - (70%)
67. Monnet Ispat & Energy Limited - (40%)

42
68. Moser Baer India Ltd - (74%)
69. MARG Limited - (40%)
70. McLeod Russel India Limited - (40%)
71. Network 18 Media & Investments Limited (Formerly Network 18 Fincap
Ltd) – (49%) (FII/NRI/PRO - 40%)
72. Neha International Limited - (49%)
73. Nagarjuna Construction Company Ltd. - (74%)
74. Nava Bharat Ventures Limited - (40%)
75. NITCO Tiles Ltd. - (60%)
76. Northgate Technologies Ltd - (74%)
77. Om Metals Infra projects Ltd. - (49%)
78. Opto Circuits (India) Ltd - (40%)
79. Paramount Communications Ltd - (39%)
80. Patni computers Ltd - (74%)
81. Pioneer Investcorp Limited - (40%)
82. Pritish Nandy Communications Ltd - (60%)
83. Provogue (India) Ltd. - (49%)
84. Piramal Healthcare Limited - (49%)
85. PTC India Ltd. - (60%)
86. Punjab Tractors Ltd. - (64%)
87. PVR Ltd - (50%)
88. Pyramid Saimira Theatre Ltd. - (40%)
89. M/s. Prime Securities Limited - (74%)
90. Parekh Aluminex limited - (74%)

43
91. Precoated Steels Limited - (49%)
92. Peninsula Land Limited - (40%)
93. Parsvnath Developers Limited - (40%)
94. Rajesh Exports Ltd - (49%)
95. Rolta India Ltd - (75%)
96. Sakthi Sugars Ltd - (50%)
97. Sanghvi Movers Ltd. - (49%)
98. Satnam Overseas Ltd - (51%)
99. Satyam Computer Services Ltd - (60%)
100. Shree Renuka Sugars Ltd. - (49%)
101. Sical Logistics Ltd. - (49%)
102. Sintex Industries Ltd. - (74%)
103. Sree Infrastructure Finance Ltd - (64%)
104. Subex Systems Ltd. - (74%)
105. Sun Pharma Advance Research Company Ltd. - (49%)
106. SSI Ltd - (74%)
107. SESA GOA Limited - (45%)
108. Soma Textiles & Industries Ltd. - (74%)
109. Suzlon Energy Limited - (49%)
110. Tata Motors Ltd. - (35%)
111. Tata Tea Ltd - (35%)
112. The Tata Power Company Ltd - (35%)
113. The Jammu & Kashmir Bank Ltd. - (40%)
114. Tanla Solutions Ltd. - (49%)

44
115. Temptation Foods Ltd. - (74%)
116. Tourism Finance Corporation of India Ltd - (49%)
117. Tulip IT Services Ltd. - (40%)
118. Unichem Laboratories Ltd - (39%)
119. United Spirits Limited - (59%)
120. Vaibhav Gems Ltd - (60%)
121. Vakrangee Software’s Ltd. - (49%)
122. Venus Remedies Limited - (49%)
123. Voltas Limited - (30%)
124. WELSPUN Gujarat Stahl Rohren Limited - (49%)
125. Zicom Electronic Security System Ltd - (74%)
126. S.E Investments Limited - (74% )
127. KRBL Limited - (49% )
128. Hathway Cable & Datacom Limited - (49%)
129. Rei Agro Limited - (75%)
130. Rural Electrification Corporation Ltd - (35%)
131. Cox and Kings (India) Limited - (74%)
132. GMR Infrastructure Limited - (35%)
133. GCV Services Limited - (49%)
134. IVRCL Assets & Holdings Limited - (49%)
135. SVC Resources Ltd. - (49%)
136. Marico Limited - (35%)
137. Compuage Infocom Limited - (49%)
138. Lupin Limited - (33%)

45
139. Tecpro Systems Limited - (49%)
140. Era Infra Engineering Limited - (65%)
141. VA Tech Wabag Limited - (49%)
142. Jubilant Food Works Limited - (49 %)
143. Info-Drive Software limited - (49 %)
144. Gitanjali Gems Ltd - (50%)
145. Mahindra & Mahindra Financial Services Ltd - (49%)
146. Jain Irrigation Systems Limited - (60%)
147. The Karur Vysya ank Limited - (35 %)
148. Nava Bharat Ventures Ltd - (60%)
149. Polaris Financial Technology Limited - (49.90%)
150. SKS Microfinance Limited - (74%)
151. Just Dial Limited - (49%)
152. Dewan Housing Finance Corporation Limited - (60%)
153. Kavveri Telecom Products Limited - (35%)
154. VKS Projects Limited - (40%)
155. AIA Engineering Limited - (49%)
156. HCL Technologies Limited - (30%)
157. Shriram City Union Finance Ltd - (74%)

 List of Print Media Companies in which FDI / FII Investment is allowed
46
(2013-2014) :
1. Jagran Prakashan - (26%)
2. Deccan Chronicle Holdings Ltd - 24% (FIIs up to 14%)
3. IBN 18 Broadcast Ltd.- (26%)

47
NIFTY AND FII
S&P CNX Nifty is a well diversified 50 stock index accounting for 21 sectors of
the economy. It is used for the variety of purposes such as benchmarking fund
portfolios, index based derivatives and index funds.
S&P CNX Nifty is owned and managed by India Index Services and Products
Ltd. (IISL) which is a joint venture between NSE and CRISIL. IISL is India’s
first specialized company focused upon the index as a core product. IISL has a
Marketing and Licensing agreement with Standard & Poor’s (S&P), who are
world leaders in index services.
The traded value of last six months of all Nifty stocks is approximately 44.89%
of the traded value of all stocks on the NSE Nifty Stocks represents about
58.64% of the total market capitalization as on March 31, 2008. Impact cost of
S&P CNX Nifty for a portfolio size of Rs.2 crore is 0.15%. S&P CNX Nifty is
professionally maintained and is ideal for derivatives trading source.
The historically evolution of FII policy is summarized below:
Year Policy Changes
September 1996 FII’s allowed to invest by the government guidelines in all
securities in primary and secondary markets as well as in
schemes floated by mutual funds. Single FII’s to invest 5
per cent and all FII’s allowed to invest 24 per cent of a
company’s issued capital. Broad-based funds to have 50
investors with no one holding more than 5 percent. The
objective was to have reputed foreign investors, such as
pension funds, mutual funds, or investment trusts and other
broad-based institutional investors in the capital market.
April 1997 Aggregated limit for all FII’s increased to 30 percent,
subject to special procedure and resolution. The objective

48
was to increase the participation of FII’s.
April 1998 FII’s permitted to invest in dated government securities
subject to a ceiling. Consistent with the government policy
to the limit the short-term debt, a ceiling of US $ 1 billion
was assigned, which was increased to US $ 1.75 billion in
2004.
June 1998 Forward cover allowed in equity.
February 2000 Foreign firms and high net worth individuals permitted to
invest as sub-accounts of FII’s. Domestic portfolio
manager allowed to be registered as FII’s managed the
funds of sub-accounts. The objective was to allow
operational flexibility, and also to give access to domestic
asset management capability.
March 2001 FII ceiling under special procedure enhanced to 49 percent.
The objective was to increase FII participation.
September 2001 FII ceiling under special procedure raised to sectorial cap.
December 2003 The FII dual approves process of the SEBI and RBI
changed to a single approval process of SEBI. The
objective was to streamline the registration process and
reduce the time taken for registration.
November 2004 Outstanding corporate debt limit of US $ 0.5 billion
prescribed. The objective was to limit short-term debt
flows.
April 2006 Outstanding corporate debt limit increased to US $ 1.5
billion. The limit on investment in government securities
was enhanced to US $ 2 billion. This was announced in the
Budget of 2006-2007
November 2006 FII investment up to 23 percent permitted in market
infrastructure institutions in the securities markets, such as
stock exchanges, depositories, and clearing corporations.
This was a decision taken by the government following the
mandating of demutualization and corporatization of stock

49
exchanges.
January and October
2007
FII’s allowed to invest US $ 3.2 billion in government
securities (limits were raised from US $ 2 billion in two
phases of US $ 0.6 billion each in January and October).
June , 2008 While reviewing the External Commercial Borrowing
Policy, the government increased the cumulative debt
investment limits from US $ 3.2 billion to US $ 5 billion
and from US $ 1.5 billion to US $ 3 billion for FII
investments in government securities and corporate debt,
respectively.
October 2008 While reviewing the External Commercial Borrowing
Policy, the government increased the cumulative debt
investment limits from US $ 3 billion to US $ 6 billion for
FII investments in corporate debt.
October 2008 Removal of regulation for FII’s pertaining to the restriction
of a 70:30 ratio for FII investment in corporate debt.
October 2008 Removal of restrictions on Overseas Derivatives
Instruments (ODI’s)
March 2009 Disapproval of FII’s lending shares abroad.
March 2009 E-bids platform for FII’s.
August 2009 FII’s allowed to participate in interest rate futures.
April 2010 FII’s allowed to offer domestic government securities and
foreign sovereign securities with AAA rating as collateral
to recognized stock exchanges in India for their
transactions in the cash segment of the market.
November 2010 Investment cap for FII’s increased by US $ 5 billion each
in government securities and corporate bonds to US $ 10
billion and US $ 20 billion, respectively.
March 2011 The limit of US $ 5 billion in corporate bonds issued by
companies in the infrastructure sector with a residual
maturity of over five years increased by an additional limit

of US $ 20 billion, taking the total limit to US $ 25 billion.
50
QUESTIONAIRE

51
BIBLOGRAPHY
http://www.scribd.com/doc/17856735/Indian-Money-Market
http://www.slideshare.net/8880003684/fdi-fii-final-ppt
http://www.rbi.org.in/scripts/BS_FiiUSer.aspx
http://www.scribd.com/doc/89077601/Role-and-Impact-of-Fiis-on-Indian-
Capital-Market
http://www.indiastudychannel.com/projects/4849-Impact-Foreign-Institutional-
Investors-Indian-Stock-Market.aspx
http://www.ibef.org/india-at-a-glance/india-diverse-democratic-dynamic/trade-and-
external-sector/foreign-institutional-investors.aspx
http://accman.in/images/feb13/Shrivastav%20A.pdf
http://www.nseindia.com/live_market/dynaContent/live_watch/equities_stock_
watch.html
http://www.authorstream.com/Presentation/aSGuest119014-1244769-new-fii-fdi-
final/
http://www.sebi.gov.in/acts/act07a.html
http://www.gjimt.com/3_Dr%20Renuka%20Sharma.pdf
http://www.slideshare.net/search/slideshow?searchfrom=header&q=importance
+of+FII
http://www.slideshare.net/skyranger_007/impact-of-fii-on-sensex-nifty
http://www.slideshare.net/arpit105/fii-is-good-too
http://businesstoday.intoday.in/story/the-importance-of-fii-investments-for-the-indian-
market/1/186486.html

52
http://www.dpncindia.com/news/FII%20-%20A%20Brief%20Overview.pdf

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