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India Economy: 
Investment by FIIs,NRIs,PIOs under PIS
Author: 123jump.com Staff
123jump.com
Last Update: 7:12 AM EST January 29 2007


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Purchases of equity shares of Network 18 Fincap Ltd., will be allowed through stock exchanges in India on behalf of Foreign Institutional Investors /Non Resident Indian and Persons of Indian Origin under Portfolio Scheme (PIS) Scheme the FII limit for investment in print media companies is 26 percent including both direct and indirect holdings. Network 18 Fincap Ltd.,is the holding company of TV-18.

 
January 29, 2007

Investment by FIIs/NRIs/PIOs under PIS : Network 18 Fincap Limited

The Reserve Bank of India on January 29, 2007 has notified that no further purchases of equity shares of Network 18 Fincap Ltd., will be allowed through stock exchanges in India on behalf of Foreign Institutional Investors (FIIs)/Non Resident Indians (NRIs) and Persons of Indian Origin (PIOs) under Portfolio Investment Scheme (PIS).

The Reserve Bank has stated that in terms of the guidelines issued by Ministry of Information and Broadcasting, the FII limit for investment in print media companies is 26 percent including both direct and indirect holdings. Network 18 Fincap Ltd., is the holding company of TV-18. TV-18 has been put on the ban list by the Reserve Bank of India. As any subsequent change in holding by FIIs in Network 18 Fincap Ltd., will result in a change in the indirect holding of FIIs in TV-18, it has been decided under FEMA regulations to place Network 18 Fincap Ltd. in the ban list for FII/NRI/PIO investments.

Alpana Killawala
Chief General Manager

Press Release : 2006-07/1025
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