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Canadian FPIs Ask to Wind Up India Equity Investments

    3 April , 2022         Fdiindia

Canadian FPIs Ask to Wind Up India Equity Investments

MUMBAI - Manitoba has signed on as a signatory to the International Organization of Securities Commission (IOSC), which is an international body of securities market regulators, according to Canadian news agency The Globe and Mail. It means that foreign investors based out of this region now fall under Canadian Securities Administrators (CSA). According to Nova Scotia-based Morningstar Canada Inc., all investors have six months from when their province joined IOSCO to act accordingly.

"Securities markets" are a tricky subject. In the case of India, securities are regulated by the Securities and Exchange Board agency (SEB) - and according to their website, they oversee everything related to securities, including oversight of futures trading and other things you might expect like listing corporations offering securities on the exchange. And Canada is similar as well insofar as they have provincial agencies governing their particular territories also. According to their official website, each of these agents is responsible for "regulating financial services and products in order to serve and protect investors." And then there's Norway which administers its own online exchange called Oslo Axess.

"Currently there are three provincial regulators in Canada including Manitoba which are not (IOSCO) signatories but have India exposure," said a senior official with a foreign custodian bank privy to the development. "However, Sebi has pulled up only the assets under management held by foreign funds from Manitoba as of now since the other two are in process of signing up IOSCO agreement." The assets under management held by foreign funds from Manitoba could not be ascertained.

"FPI licences given to these funds have been renewed multiple times since 2014 without any problems," said another executive with a foreign bank. "Also, there is no such prohibition applicable if the same funds want to make a direct investment (FDI) into India."

Canada is the seventh-largest source of FPI flows into India, with assets under custody worth Rs.1.7 lakh crore, according to NSDL data. In addition, some of the peers of Manitoba, such as the Alberta Securities Commission, British Columbia Securities Commission, and Ontario Securities Commission, are signatories of IOSCO, the website showed.


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