Bans protected cell companies, seeks broad-based holdings.
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Relaxing its norms for foreign investors, Sebi on Thursday allowed overseas entities using complex multi-fund structures to invest in India, if they need to use such models due to regulations in their home country and they are ready to provide details of actual beneficiary of funds.
It is suspected that some portfolio managers at these banks, which have significant presence in Indian financial markets, could have helped their Indian clients to route their money back into India in disguise of foreign funds through use of investment vehicles across various jurisdictions.
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