According to a report by Reuters, the country's financial authorities are considering whether to lift restrictions that prevent hedge funds from investing directly into local markets.
At present, such alternative investment funds can only invest in Indian equity through participatory notes, derivative instruments that represent a holding in the underlying share.
However, the report stated that the Securities and Exchange Board of India (SEBI) was at an advanced stage of gathering information on the regulation of hedge funds in different areas of the world, with a view to deciding whether to allow funds to invest directly.
SEBI has reported strong interest from hedge funds around the world that are keen to take advantage of a market and economy which is very much on the up. In 2003, the benchmark Bombay stock index grew 73%, making it the second best performing index in Asia last year, according to Reuters.
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