RBI allows NRIs to buy shares in Tai Industries, Madras Aluminium

MUMBAI: The Reserve Bank today allowed non- resident Indians to purchase shares in Tai Industries and Madras Aluminium Company as the total shareholding by NRIs in them has gone below the threshold limit.

"...the aggregate share holdings by NRIs/Persons of Indian Origin in Tai Industries and Madras Aluminium Co under the Portfolio Investment Scheme (PIS) have gone below the prescribed threshold limit stipulated under the extant FDI Policy," RBI said in a statement.

Hence, the restrictions placed on the purchase of shares of the above company is withdrawn with immediate effect, it added, without providing the relevant shareholding details.

Foreign Institutional Investors (FIIs), NRIs and Persons PIOs are allowed to invest in the primary and secondary capital markets in India through the portfolio investment scheme (PIS).

Under the scheme, FIIs/NRIs can acquire shares/debentures of Indian companies through the stock exchanges in India.