Sberbank received a foreign portfolio investor (FPI) license in India, making the bank the first Russian credit institution with such a status in this country. The corresponding card appeared in the list of investors on the website of the National Securities Depository.
According to the Indian publication Business Standard, these licenses are issued in the country only to state and related foreign investors.
Sberbank itself confirmed the receipt of the license and indicated that it provides the opportunity to engage in trading, as well as invest in currencies, raw materials and other assets.
The top-notch FPI license, which was issued to the bank, allows it to comply with more lenient rules for beneficial ownership disclosure. Furthermore, with such a license one can obtain tax benefits and enter into foreign derivatives based on Indian stocks.
Portfolio investors in India include four Russian non-banking representatives. These are Alfa Capital, the Pervaya management company, as well as Igor Noskov and Vsevolod Rozanov.
Previously, Sberbank launched rupee transfers to Indian banks using an account number. The company also aims to open an IT center in Bengaluru with its own data centre.
Author:
Natalia Gormaleva
Source: RB
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