Research and Articles

This is the September edition of Nishith Desai Associates’ monthly financial services newsletter in collaboration with U.S.-India Business Council.

INTRODUCTION

In our latest edition, we are pleased to highlight a host of positive developments across the finance and banking sectors, driven by rapid advancements in artificial intelligence (“AI”), technology, and foreign investment. With the government maintaining a steadfast focus on ease of doing business while thoughtfully harmonizing regulations with the evolving societal and technological landscape, the last month has witnessed significant momentum in initial public offering (“IPO”) activity, a surge in foreign investments, and robust banking operations. These encouraging trends underscore India’s commitment to fostering a dynamic, innovation-friendly financial ecosystem that supports sustainable growth and global integration. In sum, this period has been marked by a multitude of interesting legal and regulatory developments, that are likely to dictate long-term trends in the financial services sector going forward.

Nishith Desai Associates (“NDA”), in collaboration with the U.S.- India Business Council (“USIBC”), is pleased to launch the September 2025 edition of our monthly financial services roundup entitled “The Financial Services Bulletin”. Through this publication, we aim to cull out key developments in the financial services industry which happened over the last month that, in our view, “summarize the month”. Our roundup has been meticulously curated into two parts: Part I provides updates from the broader business world, ensuring that key developments relevant to our stakeholders are concisely discussed, and Part II covers key legal and regulatory developments in the financial services industry.

Further, given that the Indian Parliament’s monsoon session featured several important legal developments during this period, Part II includes a special section titled ‘Monsoon Session of the Indian Parliament (2025)’ highlighting key outcomes from the discussions.

PART I - BUSINESS AND NEWS UPDATES

TRADES, TRENDS, LEGISLATIONS AND LITIGATION 

1. United States of America (“U.S.A.”) and India lock horns amidst tariff uncertainties¹ 

U.S.A. initially imposed a 25% tariff on Indian imports (effective from August 7, 2025), citing concerns over trade imbalances and economic fairness. This was followed by an additional 25% tariff penalty (effective from August 27, 2025) linked to India’s continued energy and defense dealings with Russia, bringing the total tariff rate on many Indian goods to a steep 50%.²

The industries most impacted by the tariffs include apparel, textiles, gems and jewelry, shrimp, footwear, sports equipment, furniture, and chemicals, all facing the full 50% tariff rate. However, certain sectors are exempted or face lower duties, such as pharmaceuticals and consumer electronics. This escalation in tariffs poses a significant challenge to India’s export-driven sectors and could have broad economic implications.  

Following more conciliatory statements from both U.S.A and India, a delegation of U.S. trade officials led by Brendan Lynch (Assistant U.S. Trade Representative for South and Central Asia) traveled to New Delhi this week to continue trade negotiations.

2. Banks tighten scrutiny on overseas investments amid falling net foreign direct investment

Banks have been scrutinizing Indian businesses seeking to make Overseas Direct Investment (ODI) more thoroughly, with banks asking them questions in relation to the business rationale, viability, and end-use of funds for such ventures. In case transactions do not appear genuine, banks do not approve such transactions easily and seek extensive documentation and certifications, which include detailed business plans, project feasibility reports, certifications from chartered accountants validating the business activities, and undertakings from both resident and non-resident entities involved.³

3. India’s first AI unicorn Fractal files papers for INR 4,900 crore (approx. USD 556 million) IPO⁴

Indian technology sector is booming and same was evidenced by a recent exciting development where Fractal, India’s first AI unicorn, is set to make history as the first AI company to launch an IPO, marking a landmark moment for the industry. This milestone not only underscores the growing investor confidence in AI-driven enterprises but also signals a promising future where advanced technologies will play a pivotal role in transforming businesses across sectors.

PART II – LEGAL AND REGULATORY UPDATES 

INSURANCE 

Nishchal Joshipura (Mumbai-BKC)

Parul Jain (Delhi)

1. Insurance Regulatory and Development Authority of India (“IRDAI”) releases the draft Indian Insurance Companies (Foreign Investment) Amendment Rules, 2025 (“Amendment Rules”)⁵ 

In November 2024, the IRDAI had previously released an Office Memorandum which invited comments on the proposed liberalisation of foreign investment into the insurance sector of up to 100% under the automatic route. We had covered this in our previous edition of this newsletter, which is available here. This was followed by an updated in the Indian Budget 2025, which formalised the proposal and noted that foreign direct investment of up to 100% will be allowed under the automatic route in Indian insurance companies. We had covered this update in our article here.

In order to formalise this announcement, the Amendment Rules have been released which set out the following key features:

• They clarify that the foreign investment threshold will be as set out under the Insurance Act, 1938 (in order to refer to the amended Insurance Act, 1938 which has revised the threshold from 74% to 100%).

• The Amendment Rules delete the previous requirement that majority of the directors and key managerial personnel of an Indian insurance company should be Indian resident citizens.

• The Amendment Rules delete the following requirements applicable to insurance intermediaries having majority shareholding of foreign investors, making limited conditions applicable to these stakeholders:

  • Either or more than one of the chairman of the board / chief executive officer / principal officer / managing director of the insurance intermediary should be an Indian resident citizen.

  • Prior permission of the IRDAI is to be taken for repatriation of dividend.

  • The insurance intermediary should not make payments to the foreign group / promoter / subsidiary / interconnected or associate entities, beyond what is necessary or permitted by the IRDAI.

• Previously, insurance companies having foreign investment of more than 49% were required to have at least 50% of the directors on their board designated as independent directors, or a board with 1/3^rd independent directors and an independent director as the chairperson of the board. The Amendment Rules contemplate removing this requirement. 

Public comments on the draft rules closed on September 13, 2025, and the finalised rules continue to remain awaited. 

2. Eight leading insurers issued notices for health portfolio non-compliance⁶

Recently, the IRDAI has initiated its process to issue show cause notices to around eight of the country’s leading health insurance companies.

It appears that IRDAI has identified multiple regulatory violations by these insurers in the implementation of the Master Circular on IRDAI (Insurance Products) Regulations 2024 – Health Insurance, which are in the nature of unnecessary deductions from claim payouts, incorrect manner of rejection of claims, and delays in claim settlements beyond the stipulated timeframe.

BANKING, FINANCIAL SERVICES & FINTECH 

Vaibhav Parikh (New York)

Viral Mehta (Mumbai-BKC)

Nishchal Joshipura (Mumbai-BKC)

1. Positive developments in the banking / non-banking financial companies (“NBFCs”) sector 

The Reserve Bank of India (“RBI”) recently granted in-principle approval to AU Small Finance Bank (“AU”) to transition into a universal bank, making it the first small finance bank in India to achieve this status in 11 years.⁷ This license will allow AU to offer the full spectrum of banking products with greater regulatory flexibility, issue larger loans, create subsidiaries and venture into other business areas including potential expansion into areas like insurance. AU’s transition signals both market maturity and significant future growth potential within India’s expanding banking sector. Despite applicants having to meet a rigorous criterion to demonstrate eligibility to avail a universal banking license, the RBI has typically been wary of granting these licenses unless the applicant has demonstrated an ability to operate across economic cycles and utilize robust governance measures.

In a parallel landmark move, Kerala State Financial Enterprises (“KSFE”) became the first miscellaneous NBFC⁸ in India to achieve a business turnover of INR 1 lakh crore (approx. USD 11.3 billion), doubling its scale from INR 50,000 crore (approx. USD 5.67 billion) in just four years.⁹ 

2. RBI revises the framework for investments by regulated entities into alternative investment funds (“AIF”)¹⁰ 

On July 29, 2025, RBI issued the RBI (Investment in AIF) Directions, 2025 (“AIF Directions”) revising the framework for investments by regulated entitiesinto AIFs. The AIF Directions follow from the draft guidelines released in May 2025. The AIF Directions are applicable to investments in AIF Schemes by regulated entities including commercial banks, co-operative banks, All-India Financial Institutions and NBFCs (including housing finance companies). 

The AIF Directions cap the regulated entity’s participation at 10% of any AIF scheme’s corpus individually and 20% collectively. Further, where a regulated entity invests more than 5% in an AIF that has downstream exposure (excluding equity instruments) to a debtor company of the regulated entity, the regulated entity must make a 100% provision proportionate to that exposure in the debtor company through the AIF Scheme, subject to a maximum of the direct loan and / or investment exposure of the regulated entity to the debtor company. However, if a regulated entity’s contribution to such an AIF is in the form of subordinated units, then it shall deduct the entire investment from its capital funds, proportionately from both Tier-1 and Tier-2 capital (wherever applicable).

The current AIF Directions supersede two previously existing directions on AIFs and are also intended to solve concerns surrounding the evergreening of loans, a concern that has long plagued the RBI. 

3. RBI released new directions on non-fund-based (“NFB”) credit facilities¹¹ 

The RBI (NFB¹² Credit Facilities) Directions, 2025 (“Directions”), were released on August 6, 2025, to be effective from April 1, 2026 (unless a regulated entity adopts it earlier) with the aim of harmonizing and consolidating guidelines governing NFB facilities and to broaden the funding sources for infrastructure financing.

The Directions are applicable to commercial banks, co-operative banks, All-India Financial Institutions, NBFCs (including housing finance companies) in and above the middle layer (solely to the extent of issuance of Partial Credit Enhancement (“PCE”)).

The Directions inter alia require regulated entities to create a credit policy with suitable provisions on issuance of NFB facilities. The Directions also set out detailed conditions under which guarantees and co-acceptances can be issued, and widen the PCE providers beyond scheduled commercial banks to include NBFCs within and above the middle layer. The Directions allow PCE to bonds issued by corporates / special purpose vehicles (“SPVs”) for funding all types of projects and to also bonds issued by non-deposit taking NBFCs with asset size of INR 1,000 crore (approx. USD 113.35 million). PCE is capped at 50% of the bond issue size.

4.  RBI releases the unified framework on co-lending arrangements.¹³ 

It appears that on August 6, 2025, RBI released the RBI (Co-Lending Arrangements¹⁴) Directions, 2025, providing a unified framework for regulated entities to jointly fund loans through pre-agreed co-lending arrangements.

Pertinently, these directions clarify that each entity must retain at least 10% of individual loan exposures to maintain ‘skin in the game’. Further, the credit policy of the regulated entity must incorporate suitable provisions relating to the co-lending arrangement, including the internal limit for the proportion of their lending portfolio under the agreement, target borrower segments, due diligence of the partner entities, customer service and grievance redressal mechanism.

The regulated entities must ensure transparent disclosure of roles, fees, and blended interest rates to borrowers, and comply with know your customer (“KYC”) requirements, grievance redressal, and credit information reporting requirements. The directions also require clear asset classification sharing, allow limited default loss guarantees, mandate escrow account routing for transactions, and set out comprehensive disclosure obligations for participating entities, aiming to increase credit access, operational transparency, and risk management in joint lending by banks and NBFCs. Such lending arrangements have gained traction recently for the purpose of priority sector lending.

5. RBI releases the report on the Framework for Responsible and Ethical Enablement of AI (“FREE-AI”) and demonstrates commitment to AI, blockchain and fintech 

RBI recently released the much-anticipated FREE-AI report in the financial sector. After wide consultation with diverse stakeholders, the report lays out seven guiding principles, i.e. “Seven Sutras”, and 26 recommendations for responsible, ethical, and innovative AI adoption in the financial services sector. The report also identifies the specific challenges and opportunities presented by the adoption of AI and machine learning in the financial services sector. Broadly, these Seven Sutras emphasize on building reliable AI systems, ultimate deferral to human judgment, responsible innovation, promoting fair and equitable outcomes through AI, entities adopting adequate accountability when using AI, and maintaining system safety, integrity and resilience.¹⁵

This roadmap is significant because it demonstrates RBI’s future-ready approach to digital transformation in the financial services sector. As reported earlier by us in our third edition of this quarterly financial services newsletter, NDA participated in the USIBC’s discussion with RBI on the above.

Separately, one product has been found viable amidst the applicants that were part of the RBI’s Fifth Regulatory Sandbox Cohort, which was constituted in August 2024 and adopted a "Theme Neutral" approach. After evaluation, one solution from Indian Banks’ Digital Infrastructure Company (IBDIC) was deemed ready for exit from the regulatory sandbox and fit for wider adoption. The solution involves blockchain-based financing through a platform, where once the main company approves a supplier’s invoice, it is converted into a digital token on the platform. Banks and lenders then use these tokens to quickly provide funds to the suppliers, making credit more accessible for smaller vendors down the chain.¹⁶ 

MONSOON SESSION OF THE INDIAN PARLIAMENT (2025)

The Monsoon Session of the Parliament of India commenced on July 21, 2025, and was adjourned on August 21, 2025. The session spanned 21 sittings spread across 32 days and led to the passage of 15 bills by both the houses of parliament (i.e. Lok Sabha and Rajya Sabha).¹⁷

This section presents a concise overview of certain critical legislative developments and their potential impact on the financial and regulatory landscape. 

1. Groundbreaking reforms relating to the slab rates for goods and services tax (“GST”)

In the 56^th meeting of the GST Council, the “Next-Gen GST reforms” have been approved which inter alia simplify the GST structure into two slabs (5% and 18% - and removing the 12% and 28% rates) and cut down taxes on household essentials, Ayurveda, two wheelers, certain categories of vehicles, farm machinery, etc.¹⁸ That said, luxury goods are intended to continue being taxed in a higher bracket.

2. Introduction of the Insolvency and Bankruptcy Code (Amendment) Bill, 2025 (“Bill”) in the Parliament of India¹⁹ 

On August 12, 2025, Finance Minister, introduced the Bill in the Parliament of India, which looks to further amend the existing Insolvency and Bankruptcy Code, 2016. It appears that the Bill has been referred to a select committee of the Parliament of India.²⁰

Important provisions within the Bill include:

• The Bill proposes that the ‘Committee of Creditors’ will oversee the liquidation process, similar to the Corporate Insolvency Resolution Process (CIRP). This may help cement creditor participation even during liquidation.

• The corporate debtor will not be able to nominate the interim resolution professional, which ensures that the process is fair and less prone to manipulation.

• Upon admission of an insolvency application, withdrawal is allowed only after the ‘Committee of Creditors’ is formed, with the approval of 90% of the voting share of the ‘Committee of Creditors’.

The amendments seek to tighten procedural discipline, empower creditors, curb litigation delays, clarify definitions, and modernize the framework in line with global best practices. It introduces a new creditor-initiated insolvency resolution process that allows certain cases to be handled out of court.²¹ Bill proposes a significant shift in the current regime by proposing rules for debtor-in-possession model, domestic group insolvency and cross-border insolvency. Other reforms such as strict timelines for case admission, clarified treatment of government dues, and stronger penalties for frivolous litigation have been introduced to give creditors greater certainty and reduce the risk of value erosion.

3. India’s new Income Tax Act, 2025 (coming into force on April 1, 2026 i.e. FY 2026-27) introduced²² 

A new Income Tax Act, 2025 (“New Act”) has been introduced in Parliament to replace the existing Income Tax Act, 1961 from April 1, 2026. The New Act was passed pursuant to inputs from the Select Committee of Parliament, which was constituted after the Finance Minister’s previous announcement in July 2024 to overhaul the existing legislation.

The New Act appears to have been passed primarily to streamline the large number of amendments to the existing legislation, clarify existing language, and harmonize / compile the provisions. While the detailed ramifications of the New Act are likely to be known post enactment, it will likely be instrumental in dictating the process for tax assessments, transactions, etc. going forward. That said, some of the key features (as per the press releases of the Indian government) include:

• Introduction of a ‘Tax Year’ and removal of the existing concepts of assessment year / previous year.

• Streamlining of provisions relating to TDS, through the introduction of a single Section 393.

• Broadening of the scope of ‘virtual digital assets’ (“VDA”)under the New Act.²³

MISCELLANEOUS

Vaibhav Parikh (New York)

Viral Mehta (Mumbai-BKC)

Nishchal Joshipura (Mumbai-BKC)

1. Central Board of Direct Taxes (“CBDT”) seeks recommendations on new law on VDA²⁴

CBDT has started a consultation on whether the nation should introduce a comprehensive law governing VDAs, which regulator would be best suited to oversee such a statute, and whether harsh tax treatment, including 1% tax deducted at source (“TDS”) on every transaction and a flat 30% tax rate, has prompted traders and businesses to migrate abroad. CBDT has specifically inquired if 1% TDS is excessive, what an appropriate rate might be, and if setting off VDA losses should be allowed to create a more equitable level of levy.

This is a huge step towards crypto acceptance in India as the tax authority is directly interacting with the industry for the first time. Currently, India’s crypto tax regime imposes a flat 30% tax on gains from VDAs, with no allowance for loss set off, and a 1% TDS on all sales above minimal thresholds measures sharply criticized for pushing significant trading volumes offshore and deterring institutional and overseas investors.

2. Consultation Paper on Single Window Automatic & Generalised Access for Trusted Foreign Investors (“SWAGAT-FI”) Framework to Simplify Foreign Investment²⁵ 

SEBIhas released a consultation paper which proposes a new investment framework called SWAGAT-FI, to simplify the investment process for a subset of identified and verified low-risk foreign portfolio investors (“FPI”) and foreign venture capital investors. This list is intended to currently include government-owned funds and regulated public retail funds, which collectively hold over 70% of foreign portfolio investor assets.

Some of the key features of this consultation paper include:

• Eligible foreign investors can register once on the SWAGAT-FI portal, and access both FPI and FVCI routes without additional documentation.

• Periodicity for registration renewal and KYC review is proposed to be increased to 10 years (from the current 3 years), which will significantly ease ongoing compliance initiatives.

• SWAGAT-FIs may have the flexibility to utilise a single demat account for investments across different routes, with the option for depositories to monitor holdings.

The potential adoption of SWAGAT-FI reflects SEBI’s shift from route-specific onboarding to a risk-based, streamlined regime – which will ensure ease of access is balanced with governance for trusted global investors.

3. SEBI’s Consultation Paper on Proposals to Facilitate Participation by resident Indians in foreign portfolio investors²⁶

On August 8, 2025, SEBI published a consultation paper proposing certain key reforms to increase resident participation in foreign portfolio investors: (i) allowing International Financial Service Centres (“IFSC”) based retail schemes sponsored or managed by resident Indian non-individuals to register as FPIs; (ii) aligning contribution limits for these entities with IFSCA Fund Management Regulations (2025), raising the cap to 10% of fund corpus; and (iii) permitting Indian mutual funds to be constituents of FPIs investing in overseas funds with Indian securities exposure.

The consultation paper seeks to strengthen the role of IFSCs in India’s financial sector and attract more global capital. Overall, SEBI’s proposals mark a step toward liberalizing foreign investment rules for resident Indians, potentially reshaping the FPI framework to offer new growth and diversification opportunities for Indian investors in the global marketplace.

4. RBI expands automatic route for cross-border guarantees to simplify compliance and boost business²⁷ 

The RBI has issued the Draft Foreign Exchange Management (Guarantees) Regulations, 2025 (“Draft”), proposing a principle-based framework to simplify and rationalize the rules governing cross-border guarantees. Under the draft, most guarantees connected to cross-border transactions would be permitted under the automatic route, provided the underlying and resultant transactions are compliant with the Foreign Exchange Management Act, 1999. The Draft also prescribes mandatory reporting of all guarantees issued or invoked within seven calendar days (with delayed filings allowed up to three years subject to late fees), thereby strengthening transparency and oversight of external exposures and systemic risks. Further, the Draft explicitly prohibits Letters of Undertaking (LoU) and Letters of Comfort (LoC) by authorized dealer banks and expands compliance obligations to include Indian residents acting as creditors or principal debtors.

These reforms are expected to reduce procedural delays, bring consistency in the regulatory treatment of guarantees, and facilitate smoother foreign investment flows while supporting Indian enterprises with global operations.

CONCLUSION

This period has been marked by sweeping regulatory reforms and policy measures designed to enhance transparency, mitigate risks, and strengthen investor confidence across India’s financial ecosystem. From banking and NBFCs to insurance, taxation, and capital markets, the evolving framework reflects a clear focus on accountability, resilience, and global alignment. With “ease of doing business” and long-term stability at the core, these developments not only signal India’s deepening commitment to market integrity but also reinforce its position as a compelling destination for global capital, setting the stage for sustained growth and innovation in the months ahead.

Authors

Sonakshi Babel, Parina Muchhala and Nishchal Joshipura

You can direct your queries or comments to the relevant member.

¹https://public-inspection.federalregister.gov/2025-16419.pdf.

²https://www.reuters.com/world/india/trumps-doubling-tariffs-hits-india-damaging-ties-2025-08-27/.

³https://government.economictimes.indiatimes.com/news/economy/indian-banks-heighten-scrutiny-on-overseas-investments-as-fdi-plummets-96/123305830 

⁴https://cfo.economictimes.indiatimes.com/news/corporate-finance/fractal-analytics-files-for-4900-crore-ipo-set-to-become-indias-first-ai-unicorn/123270602.

⁵https://financialservices.gov.in/beta/sites/default/files/2025-09/Draft-Rules-29-8-2025-Indian-Insurance-Companies--Foreign-Investment--Amendment-Rules-2025.pdf.

⁶https://www.livemint.com/insurance/irdai-pulls-up-8-top-insurers-over-health-portfolio-lapses-may-take-coercive-action-report-icici-lombard-hdfc-ergo-11752292665474.html

⁷https://www.thehindu.com/business/au-small-finance-bank-bags-universal-banking-licence-from-rbi-first-in-11-years/article69906099.ece

⁸In the RBI’s classification of NBFCs, the term “Miscellaneous NBFC” is not a standalone category today. It is a legacy term that typically referred to “Miscellaneous Non-Banking Companies” (MNBCs) governed earlier under the Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977. The separate “miscellaneous” bucket has largely been removed after the passage of the Scale Based Regulations in 2023.

⁹https://www.msn.com/en-in/money/news/ksfe-becomes-indias-first-miscellaneous-nbfc-to-cross-rs-1-lakh-crore-business-turnover/ar-AA1Kd1QV

¹⁰https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12886&Mode=0

¹¹https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12889&Mode=0

¹²As per the Directions, NFB includes guarantees, letters of credit, co-acceptances amongst others and are used to facilitate effective credit intermediation and smooth business transactions. 

¹³https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12888&Mode=0

¹⁴For the purpose of these Directions, co-lending arrangement refers to an arrangement, formalised through an ex-ante agreement, between a RE which is originating the loans (‘originating RE’) and another RE which is co-lending (‘partner RE’), to jointly fund a portfolio of loans, comprising of either secured or unsecured loans, in a pre-agreed proportion, involving revenue and risk sharing.

¹⁵Available at: https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/FREEAIR130820250A24FF2D4578453F824C72ED9F5D5851.PDF

¹⁶https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=61033.

¹⁷https://www.pib.gov.in/PressReleasePage.aspx?PRID=2159426#:~:text=The%20Monsoon%20Session%2C%202025%20of,sittings%20spreading%20over%2032%20days.

¹⁸https://static.pib.gov.in/WriteReadData/specificdocs/documents/2025/sep/doc202594628401.pdf.

¹⁹https://ibbi.gov.in//uploads/legalframwork/da78600a457741799bb2e7c8da25f946.pdf.

²⁰https://www.cnbctv18.com/business/finance/govt-introduces-ibc-amendment-bill-in-lok-sabha-to-speed-up-insolvency-process-19652799.htm.

²¹https://www.scconline.com/blog/post/2025/08/13/insolvency-and-bankruptcy-code-amendment-bill-2025 introduced/#:~:text=On%2012%2D8%2D2025%2C,2016%20('IBC').

²²https://egazette.gov.in/WriteReadData/2025/265620.pdf

²³https://www.pib.gov.in/PressNoteDetails.aspx?NoteId=155137&ModuleId=3#:~:text=Income%20Tax%20Act%2C%202025%20to,'%20and%20'Previous%20Year'.

²⁴https://m.economictimes.com/news/economy/policy/does-india-needs-new-law-on-virtual-digital-assets-cbdt-asks-cryptocurrency-players/amp_articleshow/123350522.cms

²⁵https://www.sebi.gov.in/reports-and-statistics/reports/aug-2025/consultation-paper-on-introduction-of-single-window-automatic-and-generalised-access-for-trusted-foreign-investors-swagat-fi-framework-for-fpis-and-fvcis_95955.html

²⁶https://www.sebi.gov.in/reports-and-statistics/reports/aug-2025/consultation-paper-on-proposals-to-facilitate-participation-by-resident-indians-in-foreign-portfolio-investors-fpis-_95953.html

²⁷https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=4703