Indian brokerage house gets FII status

By Our Staff Correspondent

MUMBAI, JAN. 4. First Global has become the first and only Indian firm to get the status of a foreign institutional investor (FII).

After becoming the first Indian brokerage house to get membership of the London Stock Exchange, the status of FII was granted by the Securities and Exchange Board of India (SEBI) to First Global.

The FII status would enable the firm to raise money from overseas for investments into India, through the asset management route.

First Global is setting up an Asset Management structure overseas. Mr. Shankar Sharma, director, First Global, while announcing this development said, ``The FII status is in line with our plans to get into the asset management in a big way globally.''

Send this article to Friends by E-Mail

Section  : Business
Previous : CPCL launches modified bitumen
Next     : The fine art of saying 'yea' and meaning 'nay'