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Global private banks ask FPI managers not to sell NRI clients’ investments

The Trade Book 51 December 27, 2020

MUMBAI: Global private banks, dealing with the rich and ultrarich, have told managers of foreign portfolio investors (FPIs) to refrain from selling off investments by their non-resident Indian (NRI) and overseas citizens of Indian (OCI) clients to meet the rules laid down by Securities & Exchange Board of India (Sebi).FPIs have to bring down the aggregate contribution of NRIs and OCIs (along with resident Indians) in a fund to below 50% by