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India opens stocks to foreigners
NEW DELHI. Sept 15: India opened up its stock markets to foreign Investors Monday as part of a scries of steps announced this year to make the country more market oriented, reports AP.
Foreign Investors will now be able to trade in stock, government bonds and buy into bank-operated mutual funds, according to an announcement by the Finance Ministry.
The investors, including pension and mutual funds, will be allowed to hold up to 24 per cent of a company’s equity set aside for foreign investors." It did not say how much equity a company can set aside for overseas investors.
Foreign investors will be allowed to buy up to five percent of a company's total stock, the announcement said.
The announcement came as Finance Minister Manmohan Singh prepared to fly to Washington to meet World Bank officials and Treasury Secretary Nicholas Brady to discuss the changes In liberalizing India's rule-bound economy.
,6ingh has been credited with aggressively pushing through Prime Minister PV Naraslmha Rao's plans to scrap cumbersome government rules on foreign investment, boost exports and sell money-losing government firms.
But the Congress government's plans have run into dif-ficultics after a financial scandal — the worst in the country's 45 years of independence — broke out in April.
Reuter adds from Bombay : Indian and foreign banks Involved in the country's biggest financial scandal may ultimately end up losing far less than at first feared, the head of the Indian Banks Association (IBA) said.
In an Interview with the Indian Express newspaper published on Monday, IBA Chairman P S Gopalakrishnan said the net loss after recoverable cash was returned would be five billion rupees.
Bankers and financial officials have said the scandal, which was exposed last April and sent stocks plummeting, involved funds totalling 35 Wilton rupees or almost 1.2 billion dollar.
"I am sure the banking in- . dustry will arise out of the ashes of the present scam much stronger and wiser", Gopalakrishnan said. He did not say how much has been recovered so far.
Investigators have traced money siphoned off from the Bombay interbank securities market to bank accounts in New Delhi and Calcutta. Worst hit in the scandal among the foreign banks has been Standard Chartered Bank (STCH L) which has made provisions of 100 million sterling to cover possible losses.
Gopalakrishnan, who Is chairman of the Madras-based Indian Overseas Bank, said Indian banks were working on a code of conduct.,