India allows sovereign funds to buy shares directly

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India's stock market regulator on Thursday allowed sovereign wealth funds, university funds, endownments and charitable trusts to register as foreign institutional investors (FIIs).

The Securities and Exchange Board of India (SEBI) said in a statement asset management firms founded by overseas Indians can also register as FIIs, which will enable them to buy and sell shares directly through a broker.

Last year, the regulator had curbed the use of participatory notes, or P-notes, used by unregistered foreigners to take exposure in Indian stocks.

At that time, SEBI had said it wanted portfolio investors to register to help it track the source of funds.

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