An RBI spokesperson said that under the Foreign Exchange Management Act (Fema), notification 20 (regulations 3, 4 and 5), only Sebi-registered foreign institutional investors and non-resident Indians are allowed to invest in exchange-traded derivative contracts where the underlying securities are equity shares of an Indian firm. “No other class of foreign investor is allowed to enter into any derivative contract where the underlying security is an equity share of an Indian company.”....
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