QFI services launched in UAE

Last Updated: Monday, September 3, 2012 - 16:25

Dubai: The new investment channel of Qualified Foreign Investors (QFI), unveiled by the Indian government earlier this year year, was launched at a function here.

A qualified foreign institutional investor (QFI) is an individual, group or association resident in a foreign country that is compliant with Financial Action Task Force (FATF) standards. QFIs do not include FIIs/sub-accounts.

QFI allows foreign nationals from 45 countries, including the UAE, to invest in Indian equities and debt instruments.

The event took place yesterday in the presence of Sanjay Verma, Consul General of India and Sajith Kumar P K, CEO & Director, IBMC Group & JRG International.

It also marked awarding of the first QFI Account to Hazza Mohammed Al Dhaheri by S. Rengarajan, CEO, IL&FS Securities Services.

"The UAE and India share extensive trade and commercial bonds. They are also each other?s biggest trade partners. The UAE being a regional trade and investment hub is an ideal location to promote this new initiative," Verma said on the occasion.

He also inaugurated a seminar on the occasion which was attended by participants from over 15 countries.

"Foreign investments into Indian stocks and debt instruments were earlier limited to pension funds and FIIS (Foreign Institutional Investors) and the new regime opens up a path breaking alternative to global investors," Sajith Kumar said on the occasion.

He said QFI has the potential to match or even overtake the current volume of FII investment volumes into the Indian markets in the next two to three years.

Overseas investments into Indian stock markets in 2012 have crossed USD 12 billion so far including more than USD 1 billion in August this year alone.


First Published: Monday, September 3, 2012 - 16:25

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