Capital markets regulator Sebi on Friday constituted a committee, which will advise it on measures to facilitate ease of doing business by Foreign Portfolio Investors (FPIs) in India.
In addition, the advisory committee will suggest measures required to encourage FPI participation in the bond market and advise on issues related to investments and operations of such investors in the Indian financial markets.
The 15-member committee will be chaired by K V Subramanian, former chief economic adviser to the Government of India, the Securities and Exchange Board of India (Sebi) said in a statement.
Other terms of reference of the committee include review investment avenues available for FPIs and advise on feasibility of new investment avenues. The panel will be required to recommend measures for simplification of FPI regulations and to advise on custodian-related matters pertaining to such foreign investors.
Apart from Subramanian, chiefs of depositories, academician and legal experts are part of the committee.
Other members of the panel include Harun R Khan, former deputy governor of RBI; Madhav Kalyan, CEO at JP Morgan Chase Bank, N.A; HSBC Bank CEO Hitendra Dave; Martin Graham, MD of Global Public Policy Group of iShares (BlackRock); Bobby Parikh, Managing Partner at Bobby Parikh Associates, Rushabh Maniar, Partner at AZB & Partners; Rajesh Gandhi, Partner at Deloitte Haskins & sells LLP; and Shashwat Alok, Assistant Professor at Indian School of Business.
Ashishkumar Chauhan, chief of the National Stock Exchange (NSE), Padmaja Chunduru, MD and CEO at National Securities Depository Ltd (NSDL), Nehal Vora, MD and CEO at Central Depository Services India Ltd (CDSL), Vikram Kothari, Managing Director of National Securities Clearing Corporation Ltd (NSCCL), Nigam S Nuggehalli of National Law School of India University, Bengaluru; and R Subramanian, executive director at RBI are the other members of the panel.