Domestic brokerage houses are now planning to tap non-resident Indian (NRI) funds to manage their investment in fixed-income products following a steep depreciation in the dollar and the arbitrage opportunity available.
A static domestic retail investor base has forced brokerage houses to tap NRI money. The brokers are planning to route the funds either through foreign institutional investors or from the NRIs since overseas corporate bodies are banned from the markets.
Sandeep Presswala, head, retail business, IL&FS Investsmart said,
