50% of foreign money in markets from 'tax havens'
Significant omissions from this list are FIIs from Singapore and Switzerland, two countries that had figured among the top-five with highest investments in Indian equities during the economic slowdown of 2008.
By Pradeep Thakur, TNN |
NEW DELHI: Nearly half of the Rs 70,000 crore in offshore investment that’s come into Indian bourses this fiscal, till October , is from alleged tax havens such as Mauritius, Hong Kong and Luxembourg — the three together contributing almost Rs 25,000 crore of the net inflow from foreign institutional investors.
Significant omissions from this list are FIIs from Singapore and Switzerland, two countries that had figured among the top-five with highest investments in Indian equities during the economic slowdown of 2008. FIIs from the two countries had put in over Rs 15,000 crore last year.
The government says there is no cause for concern on the strong FII inflow into stock markets, with finance minister Pranab Mukherjee stating that regulators are keeping a close watch and will act if it’s found alarming.
Till October 2009, FII-held equities totalled over $160 billion . A finance ministry statement said the highest investments came from US-based FIIs, to the tune of Rs 21,344 crore till November 10. Second on the list is Luxembourg with In Rs crore Rs 12,275 crore. France, Mauritius , UK, UAE, Hong Kong, Australia, Norway and Canada are the others in the top-10 .
Investments from Mauritian FIIs were Rs 9,400 crore, ahead of UK (Rs 4,900 crore), UAE (Rs 4,800 crore) and Hong Kong (Rs 3,438 crore).
Significant omissions from this list are FIIs from Singapore and Switzerland, two countries that had figured among the top-five with highest investments in Indian equities during the economic slowdown of 2008. FIIs from the two countries had put in over Rs 15,000 crore last year.
The government says there is no cause for concern on the strong FII inflow into stock markets, with finance minister Pranab Mukherjee stating that regulators are keeping a close watch and will act if it’s found alarming.
Till October 2009, FII-held equities totalled over $160 billion . A finance ministry statement said the highest investments came from US-based FIIs, to the tune of Rs 21,344 crore till November 10. Second on the list is Luxembourg with In Rs crore Rs 12,275 crore. France, Mauritius , UK, UAE, Hong Kong, Australia, Norway and Canada are the others in the top-10 .
Investments from Mauritian FIIs were Rs 9,400 crore, ahead of UK (Rs 4,900 crore), UAE (Rs 4,800 crore) and Hong Kong (Rs 3,438 crore).
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
