September 8, 2018 / 2:17 PM / 7 months ago

SEBI working group proposes relaxing foreign fund rules for non-resident Indians

The logo of the Securities and Exchange Board of India (SEBI) is pictured on the premises of its headquarters in Mumbai, March 1, 2017. REUTERS/Shailesh Andrade/Files

NEW DELHI (Reuters) - A working group of the Securities and Exchange Board of India (SEBI) on Saturday recommended relaxing foreign fund rules for non-resident Indians.

Indian markets were hit by uncertainty emerging from concerns over an April circular from SEBI that said foreign investment rules for companies of Indian origin had been tightened.

Non-resident Indians may be allowed to invest as foreign portfolio investment (FPI) if a single holding is under 25 percent and group holding is under 50 percent in a fund, SEBI’s working group said.

Reporting by Suvashree Dey Choudhury and Abhirup Roy in MUMBAI and Sudarshan Varadhan in NEW DELHI; Editing by Alexander Smith

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