Foreign investors keep trooping in

Eighty-six new foreign institutional investors have registered with the Securities and Exchange Board of India in the first four months of calendar 2006. With this, the number of FIIs to have set up shop in the country has crossed the 900 mark.

In the first four months of calendar 2005, 55 new FIIs had entered the markets and during the whole of 2005, 186 new foreign investors had stepped in. In 2004, fresh FII registrations stood at 120. 

"Every FII wants to get a slice of India. The numbers will grow as no body wants to stay away from this market," said a foreign fund manager. 

Geographically, the US continues to dominate the show. As many as 31 of the 86 FIIs that have come to India this year are from the US, followed by 13 from the UK, eight from Singapore, five Australia, four each from Ireland and Luxembourg and three each from Taiwan, Sweden, Netherlands, Germany and France.

Funds from Finland, South Africa and Saudi Arabia too have entered the Indian market. Two FIIs -- Handelsbanken Fondbolag AB and Nordea Investment Fund -- from Finland, Old Mutual Life Insurance Company from South Africa and the Saudi British Bank of Saudi Arabia opened their offices in India this year. 

January witnessed the entry of 10 new FIIs, February 28, March 21 and April 24. In the first week of May, three FIIs -- Overseas Assurance Corporation of Singapore, McDermott Incorporated Master Trust and Kraft Foods Master Retirement Trust from the US -- got themselves registered with Sebi.

The list of new FIIs that entered the market recently includes NT Unit Trust and Waverton Investment Fund (from Ireland), First Global Investment Trust (Taiwan), DWS International Select Equity Fund, Kaiser Foundation Hospitals, California State Teacher's Retirement System and WGI Emerging Markets Fund (US), Macquarie Investment Management, Premium Investors and Treasury Group Investment Services (Australia).

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