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Sebi approves DIFC firm as foreign portfolio investor

Buimerc Corporation was founded by Siddharth Balachandran, an Indian entrepreneur based in Dubai, and is the operating holding company of several fully owned subsidiaries in India and the UAE



SEBI is a statutory regulatory body that monitors and regulates the Indian capital and securities market, while ensuring protection of the interests of the investors, small or big, domestic or foreign. — File photo
SEBI is a statutory regulatory body that monitors and regulates the Indian capital and securities market, while ensuring protection of the interests of the investors, small or big, domestic or foreign. — File photo
by

Issac John

Published: Mon 17 Jan 2022, 4:47 PM

Buimerc Corporation Ltd, an investment holding company, based out of Dubai International Financial Centre (DIFC), has been accorded approval as foreign portfolio investor by India’s market regulator.

The Securities and Exchange Board of India (Sebi), which gave approval for amending FPI regulations in November 2021, has certified several institutions from the UAE as FPIs, which are previously known as foreign institutional investor or FII.

SEBI is a statutory regulatory body that monitors and regulates the Indian capital and securities market, while ensuring protection of the interests of the investors, small or big, domestic or foreign.

Buimerc Corporation was founded by Siddharth Balachandran, an Indian entrepreneur based in Dubai, and is the operating holding company of several fully owned subsidiaries in India and the UAE. It also functions as an investment holding company that holds large stakes in major companies in India, USA, Switzerland and Europe.

“This is a step in the right direction for Buimerc Corporation as it now enables us to seamlessly and efficiently invest in high quality, fundamentally strong, companies through excellent regulated platforms, and stock exchanges,” said Balachandran, executive chairman & CEO, Buimerc Corporation.

With the FPI status, his company, which is already entrenched in India, will be able to make more impactful our presence in India in the most transparent and credible way possible, said Balachandran, who is a major shareholder India’s National Stock Exchange (NSE).

“There are approximately 10,000 institutions that have been certified as FPIs by India, of which around 125 are from the UAE. This signifies the close bond shared by these two nations, and is also symbolic of the trust and goodwill shared by them,” said Balachandran.

Buimerc Corporation, a holding company of various subsidiaries operating across diversified lines of business, has established a presence across the UAE and India and has significant investment portfolios in the USA and the EU.

Last month, Sebi decided to tighten norms for utilisation of IPO (initial public offering) proceeds by companies, introduce special situation funds to invest only in stressed assets and amend various regulations, including those on mutual funds and settlement proceedings.

— issacjohn@khaleejtimes.com


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