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According to the National Stock Depository (NSDL), Sberbank of Russia has become the first Russian bank to register with the SEBI as a foreign portfolio investor (FPI). FPIs with category I licence have to follow less lenient beneficial ownership disclosures, can subscribe to overseas derivative instruments which have Indian stocks as underlying and also enjoy certain taxation benefits. Category I FPI registration is only granted to government or government related foreign investors or regulated entities such as banks, sovereign wealth funds, investment trusts, pension funds, asset management companies. Sberbank’s registration takes the total number of Russia-based FPIs in India to five, with all others being non-banks. Till now, Alfa Capital Management, First Asset Management, Igor Noskov, and Vesvolod Rozanov have been granted FPI registrations.Â
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