Claim of FPI rules causing $75bn outflows preposterous: SEBI
Market regulator SEBI on Tuesday said that it is "preposterous and highly irresponsible" to claim that the new FPI norms will lead to $75 billion outflows. A FPI lobbying group opposed the move saying it will affect Indian market and currency. As per SEBI's directive in April, NRIs and OCIs were disallowed from being 'beneficial owners' of foreign portfolio investors.