RBI okays full stake buy in Vertex Securities by fgn investors

The Reserve Bank today allowed foreign investors to buy up to 100 per cent stake in Vertex Securities under the portfolio investment scheme (PIS).
"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 100 per cent of the paid up capital of Vertex Securities Limited under the Portfolio Investment Scheme," the RBI said in a release.
The central bank said the company passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs.
As of quarter ended September 2015, promoter group held 73.46 per cent in Vertex, while rest of 26.54 per cent is public owned.

FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.
The RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis and has fixed the cut-off points two percentage points lower than the actual ceiling.
Vertex Securities shares closed 4.92 per cent up at Rs 2.77 apiece on BSE.
It is a brokerage firm that advises customers on their financial decision-making.