Foreign retail investors, NRIs allowed to invest in GIFT City bourses

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Foreign retail investors, as well as non-resident Indians (NRIs), have been allowed to invest in stock exchanges in Gujarat International Finance Tec-City (GIFT City).
 
So far, only overseas institutional players were allowed in the capital market segment.
 
Since foreign individuals are not permitted to open bank accounts in international financial services centres (IFSCs) under the existing Reserve Bank of India (RBI) guidelines, they were not able to participate in exchanges in GIFT City, an IFSC. There was lack of clarity about the participation of NRIs.
 
Siddharth Shah, partner, Khaitan & Co, said: “The RBI has now clarified