Street signs: New rules may allay FPI concerns, Neogen IPO, and more

Shares of Neogen Chemicals are changing hands at a 10 per cent premium in the grey market

New rules may allay FPI concerns 

A circular on accessing data of foreign portfolio investors (FPIs) from the KRA (KYC Registration Agency) database last month asked KYC Registration Agencies to lock personal information with regard to beneficial ownership. Though it will delay the account opening process as the intermediary will have to wait for approval from the FPI or the global custodian to allow the download, experts believe this is a step in the right direction. “This will not allow the unscrupulous usage of KYC of FPIs and protect sensitive data if implemented properly,” said a person dealing with foreign investors.

Ashley