The government’s efforts to attract qualified financial investors (QFIs) have started yielding results, albeit slowly, with one QFI opening an account.
“The first QFI account has been opened,” said Bombay Stock Exchange (BSE) interim chief executive Ashish Kumar Chauhan. He, however, did not identify the QFI. A QFI is an individual, group or association from a foreign country that is compliant with Financial Action Task Force standards. Recently, a senior finance ministry official had said the government expected investment from at least one foreign retail investor from the Gulf region within a month.
The government had earlier conducted roadshows in five Gulf nations — Riyadh, Dubai, Muscat, Kuwait and Bahrain — to attract investments. During the roadshows, a team led by Economic Affairs Secretary R Gopalan met potential QFIs, FIIs, PE investors and wealth fund managers & advisors. QFIs have also expressed interest in the government’s disinvestment programme and have sought details on the plan.
