FOREIGN INSTITUTIONAL INVESTMENTS (FIIs) IN INDIA

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1 FOREIGN INSTITUTIONAL INVESTMENTS (FIIs) IN INDIA N.NOOKA RAJU* Prof. M. UMA DEVI** *Research Scholar, Dept. of Commerce and Mgt. Studies, Andhra University Visakhapatnam, Andhra Pradesh, India **Department of Commerce and Mgt. Studies, Andhra University Visakhapatnam, Andhra Pradesh, India ABSTRACT The role of investment in promoting economic growth has received considerable attention in India since independence. But the role of foreign institutional investment or foreign direct investment in the economic development of India is a recent topic of discussion among economists and development planners. The FIIs have been playing a key role in the Indian financial markets since their entry into this country in the early 1990s. India opened up to investments from abroad gradually over the past two decades, especially since the landmark economic liberalisation of Apart from helping in creating additional economic activity and generating employment, foreign investment also facilitates flow of technology into the country and helps the industry to become more competitive. FII is connected to investment in a foreign country and FII (Foreign Institutional Investor) is an investment prepared by an investor in the markets of a foreign country. Their importance has been growing over time as their net investment is on the rise over time. It is with this aim an attempt has been made in this paper study advantages of foreign capital, growth of registered number of Foreign Institutional Investors and Government initiatives to attract Foreign Institutional Investors. Keywords: FIIs, SEBI, Investments, Government Initiatives Introduction: FII is defined as an institution organized outside of India for the purpose of making investments into the Indian Securities Market under the regulations prescribed by SEBI. FII was in India has opened up its economy and allowed Foreign Portfolio Investment (FPI) in its domestic stock markets. Since then, FPI has emerged as a major source of private capital inflow in this country. FII include overseas pension funds, mutual funds, investment trust, asset management company, nominee company, bank, institutional portfolio manager, university funds, endowments, foundations, charitable trusts, charitable societies, a trustee or power of attorney holder in corporate or established outside India proposing to make proprietary investments or investments behalf of a broad based fund. FIIs can invest their own funds as well as invest on behalf of their overseas clients registered as such with SEBI. These client accounts that the FII manages are known as sub-accounts. A domestic portfolio manager can also register itself as an FII to manage the funds of sub-accounts Foreign Institutional Investor means an entity established or incorporated outside India which proposes to make investment in India. Positive tidings about the Indian economy combined with a fast growing market have made India an attractive destination for Foreign Institutional Investors. FII is defined as an institution organized outside of India for the purpose of making investments into the Indian Securities market under the regulations prescribed by SEBI. Foreign Institutional Investors (FIIs) were permitted to invest in the tradable Indian Securities such as shares, debentures, bonds, mutual fund units etc through primary and secondary markets as per guidelines issued by Government of India in September icmrrjournal@gmail.com

2 Review of Literature: NitishNayyar (2016) explored in his the FIIs investment has shown significant improvement in the liquidity of stock prices of both BSE and NSE. However, there is a high degree of positive coefficient of correlation between FIIs investment and market capitalization, FIIs investment and BSE & NSE indices, revealing that the liquidityand volatility was highly influenced by FIIs flows. And also proved that FIIs investment was a significant factor for high liquidity and volatility in the capital market prices. Fitz Gerald (1999) observed that the large and sudden reversals of Foreign Equity Investments make them extremely volatile in character. The securities markets in developing countries are typically narrow and shallow, and therefore, participation of Foreign Portfolio investors may a priority induce considerable instability in these markets. A study conducted by the World Bank (1997) reports that stock market liquidity improved in those emerging economies that received highest foreign investments. Objectives: The main objectives of this paper is to through light on the trend of FIIs into Indian Capital Market: 1. To examine the need and advantages of Foreign Capital. 2. To study the growth of registered number of Foreign Institutional Investors in India 3. To enumerate the trend of Foreign Institutional and Government initiatives to attract Foreign Institutional Investors. Foreign Institutional Investor: The term Foreign Institutional Investor is defined by SEBI as under: "Means an institution established or incorporated outside India which proposes to make investment in India in securities. Provided that a domestic asset management company or domestic portfolio manager who manages funds raised or collected or brought from outside India for investment in India on behalf of a sub-account, shall be deemed to be a Foreign Institutional Investor." Foreign Investment refers to investments made by residents of a country in financial assets and production process of another country. The less well known Foreign Institutional Investors (FIIs) have been a key part of India's growth story this decade. The term FIIs is most commonly used to refer the companies that are established or incorporated outside India and are investing in the financial markets of India by registering themselves with the Securities & Exchange Board of India (SEBI). FIIs include overseas pension funds, mutual funds, investment trusts, asset management companies, nominee companies, banks, institutional portfolio managers, university funds, endowments, foundations, charitable trusts, charitable societies, a trustee or power of attorney holder incorporated or established outside India proposing to make proprietary investments on behalf of a broad-based fund (i.e., fund having more than 20 investors with no single investor holding more than 10% of the shares or units of the fund). Foreign Institutional Investment is basically short-term in nature and mostly made in the financial markets. EFFECTS OF FII ON ECONOMY: Let us study the positive and the negative side of this rise of investments by FIIs one by one. It has been emphasized upon the fact that the stock market reforms like improved market transparency, automation, dematerialization and regulations on reporting and disclosure standards were initiated because of the presence of the FIIs. But FII flows can be considered both as the cause 2 icmrrjournal@gmail.com

3 and the effect of the stock market reforms. The market reforms were initiated because of the presence of them and this in turn has led to increased flows. Enhanced Flows of Equity Capital: FIIs are well known for a greater appetite for equity than debt in their asset structure. For example, pension funds in the United Kingdom and United States had 68 per cent and 64 per cent, respectively, of their portfolios in equity in Not only it can help in supplementing the domestic savings for the purpose of development projects like building economic and social infrastructure but can also help in growth of rate of investment, it boosts the production, employment and income of the host country. Managing Uncertainty and Controlling Risks: Improving Capital Markets: FIIs as professional bodies of asset managers and financial analysts enhance competition and efficiency of financial markets. By increasing the availability of riskier long term capital for projects, and increasing firms incentives to supply more information about them, the FIIs can help in the process of economic development. Improved Corporate Governance : Inflation: Huge amounts of FII fund inflow into the country creates a lot of demand for rupee, and the RBI pumps the amount of Rupee in the market as a result of demand created. This situation leads to excess liquidity thereby leading to inflation where too much money chases too few goods. Problem to Small Investors: The FIIs profit from investing in emerging financial stock markets. If the cap on FII is high then they can bring in huge amounts of funds in the country s stock markets and thus have great influence on the way the stock markets behaves, going up or down. The FII buying pushes the stocks up and their selling shows the stock market the downward path. This creates problems for the small retail investor, whose fortunes get driven by the actions of the large FIIs. Adverse Impact on Exports: FII flows leading to appreciation of the currency may lead to the exports industry becoming uncompetitive due to the appreciation of the rupee. Need of Foreign Capital and Advantages of FIIs In India Favourable Balance of Payment Position: Table 2 shows that net FPI in India positive except for two years. It leads to favourable balance of payment position without any debt. It provide foreign exchange to developing countries, it also reduces the pressure of foreign exchange gap of developing countries. Growth of Stock Market and overall growth of the Economy: It stimulates for the domestic stock market and leads to stock market efficiency Domestic stock market become more efficient and standard. FII leads to more competition leads to more sophisticated financial technology, adaptation of the technology to local environment and greater investment in information processing and financial services. The results are greater efficiencies in allocating capital, risk sharing and monitoring the issue of capital. Development of basic infrastructure: The development of any economy depends on the available infrastructure in that country. Government of India could not able to raise necessary investments. To fill the gap foreign capital is highly suitable. 3 icmrrjournal@gmail.com

4 Rapid industrialization: The need for foreign capital arises due to the policy initiatives of the government to intensify the process of industrialization To undertake the initial risk: Many developing countries suffer from severe scarcity of private investors. The risk problem can be diverted to the foreign capitalists by allowing them to invest. To remove the technological gap: The developing countries have very low level of technology compared to the developed countries. This raises the necessity for importing technology from the advanced countries. That technology usually comes with foreign capital when it assumes the form of private foreign investment or foreign collaboration. Growth of foreign institutional investors activities and Government Initiatives: FII Initiative by the Government Until 1980s, India s development strategy was focused on self-reliance and importsubstitution. Current account deficits were financed largely through debt flows and official development assistance. However after 1990s India s policy has changed substantially from over reliance on debt creating fund to non debt creating fund mainly foreign direct investment (FDI) and portfolio flows (FPI). It was mainly because of huge Balance of Payment crisis and the recommendations of High Level Committee on Balance of Payments under the Chairmanship of Dr. C. Rangarajan (November 2005). Month & Year Policy Initiatives September 1992 Government allowed FIIs investment. Single FIIs can invest 5 per cent and all FIIs allowed to invest 24 per cent of a company s issued capital. April 1992 Aggregated limit for all FIIs increased to 30 per cent, subject to special procedure and resolution. The objective was to increase the participation by FIIs April 1998 FIIs permitted to invest in dated government securities subject to a ceiling. June 1998 Aggregate portfolio investment limit of FIIs and NRIs/PIOs/OCBs enhanced from 5 per cent to 10 per cent, and the ceilings made mutually exclusive. March 2001 FII ceiling under special procedure enhanced to 49 per cent. The objective was to increase FII participation. December 2003 The FII dual approval process of the SEBI and the RBI changed to a single approval process of the SEBI November 2006 FII investment up to 23 per cent permitted in market infrastructure institutions in the securities markets, such as stock exchanges, depositories, and clearing corporations. October 2008 Removal of regulation for FIIs pertaining to the restriction of 70:30 ratio of investment in equity and debt respectively. March 2009 E-bids platform for FIIs August 2009 FIIs allowed to participate in interest rate futures August 2010 FIIs allowed to offer domestic government securities and foreign sovereign securities with AAA rating August 2011 SEBI circulars for governing QFIs February 2014 SEBI Foreign Portfolio Investment Regulations came into existence Source: ISMR, SEBI bulletin various issues 4 icmrrjournal@gmail.com

5 FII Investment limit: Each FII (investing on its own) or sub-account cannot hold more than 10per cent of the paidup capital of a company. A sub account under the foreign corporate/individual category cannot hold more than 5per cent of the paid up capital of the company. The maximum permissible investment in the shares of a company, jointly by all FIIs together is 24per cent of the paid-up capital of that company. This limit of 24per cent can be raised to 30per cent, 40per cent, 49per cent or up to the FDI limits specified for that particular sector, subject to approval from the shareholders and the RBI. In the case of public sector banks, the foreign ownership limit is 20per cent. Investment avenues for FIIs FIIs can invest only in the following investment avenues Securities in the primary and secondary markets including shares, debentures, and warrants of companies, unlisted, listed, or to be listed on a recognized stock exchange in India 2. Units of schemes floated by domestic mutual funds including the Unit Trust of India, whether listed or not listed on a recognized stock exchange, or units of schemes floated by a Collective Investment Scheme Dated government securities Derivatives traded on a recognized stock exchange Commercial papers Security receipts Indian Depository Receipts Growth of Registered FIIs in India The number of FIIs in the year 1992 was 3 within 20 years it was increased to 1756 in the year The number of Foreign Institutional Investors shows an increasing trend since their arrival. Table 1 show that within the last six years the number of registered FIIs has increased by 100 per cent and number of Sub accounts has increased by 157 per cent. Table-1: Growth of Registered FIIs in India during to Year Registered FII (End of March) Net Additions Sub Accounts Net Additions icmrrjournal@gmail.com

6 Source: SEBI Bulletin Various Issues, NSDL, CDSL With the commencement of FPI Regime from June 1, 2014, the erstwhile FIIs, Sub Accounts and QFIs are merged into a new investor class termed as Foreign Portfolio Investors (FPIs). The Table1 shows that in the period of the global financial crisis also the number of registered FIIs has shown a significant increase. Trends of Foreign Institutional Investments in India India is the fifth largest economy in the world (ranking above France, Italy, the United Kingdom, and Russia) and has the third largest GDP in the entire continent of Asia. It is also the second largest among emerging nations. India is also one of the few markets in the world which offers high prospects for growth and earning potential in practically all areas of business, that s why FII statistics shows an upward trend. The Table 2 shows that only in the year and in foreign portfolio investment shows excess of sales over purchase ie net negative investment. The maximum amount of investment made by FIIs since their arrival was in the year that is Rs. 146, Cr and the maximum amount of net negative investment was in the year , Rs. 45,811 Cr. 6 icmrrjournal@gmail.com

7 Table-2: Trends of FIIInvestment in India during to Portfolio Investment Year Gross Net Investment US Cumulative Gross Sale Purchase (Rs. in Cr.) ($) (US $) , , ,634 1, ,631 2,835 4, ,528 3, ,694 2,752 6, ,036 5, ,554 6,979 8, ,432 7, ,695 12,737 5, ,649 9, ,115 17,699-1, , ,856 46,734 10, ,339 11, ,051 64,116 9, ,159 13, ,920 41,165 8, ,846 15, ,060 44,371 2, , ,44,858 99,093 45, ,950 25, ,16,953 1,71,072 45, ,172 35, ,46,978 3,05,512 41, ,332 45, ,20,508 4,89,667 30, ,708 51, ,48,020 8,81,842 66, ,040 68, ,14,579 6,60,389-45, , ,46,438 7,03,780 1,42, ,226 1,21, ,92,599 8,46,161 1,46, ,226 1,21, ,21,285 8,27,562 93, ,923 1,40, ,04,845 7,36, , ,047 1,71, ,21,010 9,69,361 51, ,876 1,80, ,21,346 12,43,887 2,77,460 45,698 2,26, ,24,418 13,42,593-18,175-2,523 26,98,366 Source: SEBI Bulletin Various Issues, NSDL, CDSL Table 2 sows that FIIs are investing large amount of fund in Indian securities the net investment by FIIs during the period was us $ 1, 40,482, such huge non debt creating investment was much helpful for India in reducing the Balance of Payment crisis. CONCLUSION From the above analysis of data analysis it is evident that FIIs have major impact on Indian Stock Market. The impact is that even the domestic players and MFs also follow a close look on FIIs. The impact is that even the domestic players and MFs also follow a close look on FIIs. Therefore, if FIIs are confident in Indian markets, there is a general perception that market is on a good condition. On the basis of above discussion, it is clear that the FII economic development to a greater extent. FII investments since it are considered to be the most beneficial form of foreign investment for the economy as a whole. FII investment that flows into the secondary market, the effect is to increase capital availability in general, rather than availability of capital to a particular enterprise. Translating an FII inflow into additional production depends on production decisions by someone other than the foreign investor some local investor has to draw upon the additional capital made available via FII inflows to augment production. FII inflows, in this case too, addition to production capacity does not result from the action of the foreign investor the domestic seller has to invest the proceeds of the sale in a manner that augments capacity or productivity for the foreign capital inflow to boost 7 icmrrjournal@gmail.com

8 domestic production. There is a widespread notion that FII inflows are hot money that it comes and goes, creating volatility in the stock market and exchange rates. While this might be true of individual funds, cumulatively, FII inflows have only provided net inflows of capital. The volatility or trend of return does not have significant impact upon the net inflow of FII into India. Therefore the policy framework for liberalizing/immobilizing FII investment should be formulated with due consideration to its impact upon the Indian capital market. Reference 1. ChalapatiRao K.S, Ranganathan K.V.K and Murthy M.R. 1999: Foreign Institutional Investments and the Indian Stock Market, journal of Indian school of political economy, Vol X1, No Rahul Kumar and Chandra Prakash Gupta. Behavoiur of Stock Price in Indian Stock Market:Understanding Distribution Pattern and Parameter Estimation, Finance India. Vol XXIII. No 1, Report of Expert Group on Encouraging FII flows and Checking the Vulnerability of Capital Markets to Speculative Flows, November, Ministry of Finance, Report of the economic survey, Government of India, New Delhi ( ) 5. Weisskof T.E., The impact of foreign capital inflow on domestic savings in underdeveloped countries, Journal of International Economics, 2, (1972) 6. Sahoo D. Mathiyazhagan M.K. and Parida P., Is Foreign Direct Investment an engine of growth? Evidence from the Chinese economy, Savings and Development, 4, (2002) 7. Nayak D.N., Canadian Foreign Direct Investment in India: Some observations, Political Economy Journal of India, 8, (1999) 8. Srivastava S., What is the true level of FDI flows to India?, Economic and Political Weekly, 19, (2003) 9. Basu P., Nayak N.C. and Vani A., Foreign Direct Investment in India: Emerging Horizon, Indian Economic review, 25, , (2007) 10. Weisskof T.E., The impact of foreign capital inflow on domestic savings in underdeveloped countries, Journal of International Economics, 2, (1972) 11. Banaji J., (1998). Foreign Portfolio Investment in Indian Equity Markets: Has the Economy 12. Government of India, Ministry of Finance (2005): Report of the Expert Group on Encouraging FII Flows and Checking the Vulnerability of Capital Markets to Speculative Flows, New Delhi. 8 icmrrjournal@gmail.com

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