New Delhi, Dec 2 : Mauritius-based AfrAsia Bank todaysaid it has received the Foreign Institutional Investor (FII)licence from market regulator Securities & Exchange Board ofIndia (SEBI).
"This will enable the bank to provide a complete bouquetof service to its global business clients and facilitate theirinvestments into Indian stocks and debt market using the sub-account route of FII," AfrAsia Bank said in a statement.
An FII is an institution established or incorporatedoutside India, which proposes to make investments insecurities in India and regulated under the strict provisionsof the SEBI.
Sub-account on the other hand means "any person residentoutside India, on whose behalf investments are proposed to bemade in India by a FII and who is registered as a sub-accountunder these regulations."
"This is an important step in our strategy to tap theIndian market", AfrAsia Bank CEO James Benoit said.
AfrAsia Bank has also entered into a strategic tie upwith leading ICICI Bank for providing custodial services inIndia to its clients, the statement said.
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