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Foreign retail investors and non-resident Indians (NRIs) will be allowed to invest in stock exchanges for Gujarat International Finance Tec-City or GIFT City.
Foreign retail investors and non-resident Indians (NRIs) will be allowed to invest in stock exchanges for Gujarat International Finance Tec-City or GIFT City, Business Standard reported.
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Till now, only institutional players were allowed to invest in the capital market segment.
According to the Reserve Bank of India (RBI) guidelines, foreign individuals are not allowed to open bank accounts in International Financial Services (IFSCs).
Siddharth Shah, a partner at Khaitan & Co., told the paper that after RBI's clarification, there will no restriction on intermediaries/brokers in GIFT IFSC exchanges for making such individuals clients and allowing them to trade via the intermediary's client trading accounts.