A relaxation of regulations by the Securities and Exchange Board of India is spurring an influx of managers in the region. The capital markets regulator, which has been biased against hedge funds for some time, has now changed tack to force hedge funds to register directly as foreign institutional investors (FIIs). Although some press reports claim this will make it more difficult for hedge funds to open for business, managers find the news encouraging.
"Up until very recently, hedge funds were not allowed to be registered in India. They were only able to buy and sell shares by using participatory notes, a derivative instrument traded with large FIIs such as the global investment banks," says Rob Rahbari, managing director...
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