7. Foreign Investments in India
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1 Introduction Since 1992, Foreign Institutional Investors (FIIs) have been allowed to invest in all traded securities on the primary and secondary markets, including shares, debentures and warrants issued by companies listed or to be listed on the major stock exchanges of India and in schemes floated by domestic mutual funds. All FIIs registered with SEBI are eligible to invest in India s primary and secondary capital markets (purchase shares and debentures) only through the country s Portfolio Investment Scheme (PIS). In the budget speech of , the Government announced that qualified foreign investors (QFIs), who met the Know Your Customer (KYC) norms would be allowed to directly invest in Indian equity and debt mutual fund (MF) schemes. This was the first time that QFIs were allowed to directly participate in the Indian capital market. In January 2012, the Government issued a press note stating that QFIs would now be allowed to invest in the equity shares of Indian companies. Later on, in the budget speech of , the Government announced its intention to permit QFIs to invest in corporate bonds in India. When implemented, the QFI framework would stand extended to all three important segments of the Indian Capital markets, i.e., Mutual Funds, Equity Market and Corporate Bond Market. Recently, SEBI introduced a new class of foreign investors in India known as the Foreign Portfolio Investors (FPIs) effective from June It was formed by merging the following existing classes of investors, namely, FIIs, QFIs, and the sub-accounts of FIIs. The investments and purchases of FPIs and private equity have been further discussed below. 7.2 FII investments in India Foreign institutional investors hold a significant share of Indian equity shares (about 19% 1 ), as developing economies like India provide a high growth potential compared to mature economies. This has been one of the major reasons for the strong FII flows seen from FY12 to FY15 (see Table 7-1). Macro stabilization, high hopes from Modi Government and a raise in FII debt limit largely led to the rise in inflows during this period. However, inflows turned negative in FY16 as the Indian economy started dipping from the third quarter of At the same time the US economy was showing signs of recovery, and there were talks of interest rate hikes. This was the third time since FIIs entered Indian markets that they became net sellers for the year. The first time was seen in FY99 during the Asian crisis ( Rs -16 bn ), while the second time was during the Global Financial Crisis in FY09 (Rs -458 bn). Surprisingly, there was no crisis in FY16, and even then FIIs had begun withdrawing from emerging markets with India no exception. In the subsequent years, FIIs have been net buyers so far as seen below. 1 FII ownership for all NSE listed companies as of December 2017
2 82 Table 7 1: Trends in FPI Investment Period Purchases Sales ,12,850 82,75,620 9,37,250 18, ,48,450 73,64,810 16,83,670 31, ,29,350 96,93,620 4,50,080 8, ,52,13,461 1,24,38,868 27,74,599 45, ,32,44,175 1,34,25,927-1,81,751 (2,558) Apr-16 11,86,093 10,37,751 1,48,342 2,231 May-16 10,71,263 10,89,922 (18,659) (279) Jun-16 11,77,113 12,02,187 (25,074) (373) Jul-16 12,02,844 10,08,271 1,94,573 2,895 Aug-16 12,75,218 12,10,753 64, Sep-16 14,60,498 12,58,172 2,02,326 3,039 Oct-16 9,85,873 10,88,936-1,03,062 (1,543) Nov-16 13,05,400 16,99,361-3,93,961 (5,786) Dec-16 11,16,223 13,87,338-2,71,115 (3,989) Jan-17 9,73,994 10,08,952 (34,958) (512) Feb-17 12,73,841 11,15,217 1,58,624 2,363 Mar-17 20,41,917 14,79,308 5,62,609 8, ,50,70,277 1,45,86,167 4,84,110 7,600 Apr-17 12,16,305 9,88,722 2,27,582 3,513 May-17 14,81,773 12,13,111 2,68,662 4,170 Jun-17 16,94,843 14,01,824 2,93,019 4,548 Jul-17 14,38,799 11,98,520 2,40,279 3,732 Aug-17 12,48,459 12,21,690 26, Sep-17 12,78,480 13,78,914-1,00,434 (1,533) Oct-17 1,455,190 1,264, ,190 2,933 Nov-17 1,623,770 1,421, ,580 3,118 Dec-17 1,414,610 1,450,040 (35,440) (552) Apr-Dec ,437,620 10,087,970 1,349,650 20,909 Bulletin Category wise: Equity and Debt investments In , FII investments were largely dominated by equity inflows at Rs 516bn vs. debt outflows of Rs 104bn (Table 7-2). However, this trend has reversed in the current fiscal year with FII investments largely concentrated in the debt segment (Rs 1.3trn) compared to lower inflows in the equity segment (Rs116bn). The global turmoil has deeply impact equity markets, especially emerging markets. On the other hand, higher bond yields, improved economic sentiment and a stable rupee have attracted FII investors towards the bond market. Apart from this, investor confidence was also renewed after rating agency, S&P upgraded India s sovereign rating from negative to stable in September. Usually, FIIs prefer government bonds, as 98% of the upper cap limit for Govt. bonds was already utilized in November 2017.
3 83 Table 7 2: s by FPIs in Equity and Debt Year in Equity in Debt FPIs in Equity in Debt (108,088) (11,048) (1,625) (166) Apr-16 38,904 36, May-16 25,786 (51,714) 386 (770) Jun-16 51,748 (65,056) 771 (964) Jul ,390 69,652 1,690 1,037 Aug-16 97,856 (29,491) 1,463 (441) Sep-16 93, ,770 1,401 1,589 Oct-16 (49,901) (71,519) (746) (1,072) Nov-16 (177,370) (196,031) (2,611) (2,867) Dec-16 (84,948) (189,025) (1,250) (2,781) Jan-17 (467) (26,114) (6) (382) Feb-17 99,020 59,600 1, Mar , ,550 5,141 3, ,442 (103,923) 8,388 (1,217) Apr-17 23, ,640 (345) 2,998 May-17 77, ,550 1,542 3,138 Jun-17 36, , ,977 Jul-17 51, , ,893 Aug-17 (127,700) 154,470 (1,732) 2,380 Sep-17 (113,920) 13,490 (1,656) 164 Oct-17 30, , ,757 Nov ,280 5,310 2,952 (221) Dec-17 (58,830) 23,500 (739) 379 Apr-Dec ,210 1,198,120 1,316 18,466 Source: NSDL, Bloomberg Number of FPIs The number of SEBI-registered FPIs increased significantly from 4,311 in FY16 to 7,807 in FY17, but total number of FPIs (including deemed FPIs) increased only marginally from 8,717 to 8,781 over the same period. This was led by a large drop in number of deemed FIIs and sub-accounts as seen by the reducing gap between the total FPIs and registered FPIs. (Chart 7-1).
4 Turnover of FPIs: Equity and Derivatives Equity Market In FY17, the gross turnover of FPIs in the equity market segment on the major Indian stock exchanges (NSE and the BSE) was Rs 20.8trn, a drop of 5% from the previous year. And, the ratio of FII equity turnover to total turnover for both the exchanges (NSE and BSE) was down to 20.6 percent in FY17, reflecting a slight decline from 22.0 percent recorded in the previous year (Table 7-3 and Chart 7-2). Table 7 3: Gross Turnover of FPIs in Equity Market Segment of NSE and BSE Year Buy Value Buy Value Sell Value Sell Value Gross Turnover of FPIs Gross Turnover of FPIs US$ mn Total Turnover on Exchanges Total Turnover on Exchanges FPI turnover to total turnover (%) ,715, ,803 6,614, ,140 14,330, ,943 93,648,733 2,097, ,370, ,531 5,933, ,982 12,324, ,922 69,567,816 1,359, ,985, ,490 5,585, ,732 12,396, ,015 65,141,071 1,198, ,741, ,163 6,944, ,865 13,687, ,365 66,603,060 1,111, ,461, ,470 10,348, ,259 21,810, , ,690,007 1,695, ,867, ,835 11,009, ,971 21,916, ,399 99,545,560 1,500, ,550, ,038 10,284, ,951 20,834, , ,140,216 1,553, Derivative Market On the other hand, the turnover for derivatives rose sharply by 70% yoy, with FII turnover at Rs 260 trn in FY17. The FPI turnover constituted 13.7 percent of the total turnover in the F&O segment in the Indian capital markets during the same period. (Table 7-4 and Chart 7-2).
5 85 Table 7 4: FII Turnover in F&O Market Segment of NSE Year Buy Side Sell side Gross contracts traded Contracts (mn) Contracts (mn) Contracts (mn) Gross Turnover of FHs (US$mn) F&O Turnover FII Turnover to total F& O turnover , , , ,066 11, , , , ,228 12, ,287 1, ,511 1, , ,112,129 18, ,236 1, ,837 1, ,072 2,308 1,296,517 19, ,170 1, ,996 1, ,466 3,985 1,887,406 28, Source: NSE Offshore Derivative Instruments (ODIs) Offshore derivative instruments include participatory notes, equity-linked notes, capped return notes, investment notes, and similar instruments issued by FPIs/sub-accounts outside India against their underlying investments in India, which are listed or are proposed to be listed on a stock exchange in India. Participatory Notes or P-Notes (as they are called in common parlance) are the most common type of ODIs. P-Notes are financial instruments used by investors that are not registered with the Securities and Exchange Board of India (SEBI) to invest in the Indian stock market. P-Notes have Indian shares or derivatives as underlying assets and, the holders of P-Notes are entitled to the income or capital appreciation from such investment. P-Notes are issued by brokers and FPIs registered with SEBI. The investment is made on behalf of the foreign investors by the already registered brokers and FPIs in India. Any dividends or capital gains arising from the underlying securities accrue to the foreign investors. The foreign investor pays the P-Note issuer a certain basis point(s) of the value of P-Notes traded by him (her) as cost(s).
6 86 While popular during initial phase, ODIs have lost their charm over time. The share of ODIs in the assets under custody of FPIs has witnessed a continuous fall after reaching a peak in June 2007, as tightening of regulations by SEBI has made it difficult to use these instruments. In a recent move, SEBI has banned P-notes on derivatives with the exception that the P-note would be used for hedging purpose and underlying shares are held by FPIs. Where the said underlying derivatives position are not for purpose of hedging the equity shares held by it, the ODI issuing FPI has to liquidate such ODIs latest by the date of maturity of the ODI instrument or by December 31, In the case of issuance of fresh ODIs with derivatives as underlying, a certificate has to be issued by the compliance officer (or equivalent) of the ODI issuing FPI, certifying that the derivatives position, on which the ODI is being issued, is only for hedging the equity shares held by it, on a one to one basis. As of December 2017, the total value of ODIs with underlying Indian securities as a percentage of assets under custody of FPIs has declined to 4.6 percent from 10 percent in March 2016 (Table 7-5). Table 7 5: Total Value of ODIs compared to Assets under Management of FPIs Year/ Month ODIs on Equity, Debt & Derivatives ODIs on Equity & Debt excluding Derivatives Assets Under Custody of FPIs/ Deemed FPIs ODIs on Equity, Debt & Derivatives as % of Assets Under Custody of FPIs/Deemed FPIs ODIs on Equity & Debt excluding Derivatives as % of Assets Under Custody of FPIs/ Deemed FPIs ,20,780 21,16,050 2,41,18, ,30,770 16,94,700 2,22,45, ,84,370 12,42,770 2,70,57, $ 1,52,24,30 14,92,430 3,28,02, Apr-17 16,85,450 12,83,800 2,78,60, May-17 18,07,180 13,30,450 2,85,66, Jun-17 16,52,410 13,27,850 2,88,31, Jul-17 13,52,970 12,70,750 3,05,59, Aug-17 12,50,370 11,63,930 3,03,55, Sep-17 12,26,840 11,37,060 3,00,34, Oct-17 13,10,060 12,06,290 3,17,01, Nov-17 12,86,390 12,35,670 3,18,83, Dec-17 1,52,24,30 14,92,430 3,28,02, Notes: 1. Figures are compiled based on reports submitted by FPIs/deemed FPIs issuing ODIs. 2. Column 4 Figures are compiled on the basis of reports submitted by custodians & does not includes positions taken by FPIs/deemed FPIs in derivatives. 3. The total value of ODIs excludes the unhedged positions & portfolio hedging positions taken by the FPIs/deemed FPIs issuing ODIs.$ indicates as on December 31, 2017 Further, among major economies, US has the highest assets under custody in the equity segment for the year 2017, while Singapore has the highest number of assets in debt and hybrid securities. However, on an overall basis, US has the highest assets under custody.
7 87 Table 7-6: Assets under Custody 2017: Top 10 Countries Sr. No. Country AUC Equity Debt Hybrid Total Share (%) 1 US 9,820, ,230 3,160 10,460, Mauritus 4,969, ,980 1,610 5,475, Luxembourg 2,485, , ,168, Singapore 1,997,580 1,245,480 10,540 3,253, UK 1,462,860 43,290 1,950 1,508, Japan 902, ,210-1,130, Canada 846,550 65, , Ireland 874,550 49, , France 646,600 26,250 2, , Netherlands 530, , , Others 3,707, ,730 6,190 4,555, Total 28,243,860 4,532,670 26,300 32,802, Source: NSDL
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