| Welcome
to SIPCOT It's new and improved website We
have revamped and provided more information for investor.
If you feel we need to add some additional information please
let us know. State Industries Promotion Corporation of Tamil
Nadu (SIPCOT) Limited, a fully government owned premier
institution, established in the year 1972, has been a catalyst
in development of small, medium and large scale industries
in Tamil Nadu. |
| Enhancement in the limit
on NRI Investment |
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Enhancement
in the limit on investments by NRIs/PIOs/OCBs
in Indian companies through secondary markets
.
Government of India
Ministry of Finance
Department of Economic Affairs
(Foreign Trade & Investment Division)
New Delhi, dated the 22nd June, 1998
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PRESS NOTE |
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Subject:
Enhancement in the limit on investments, by
NRIs/PIOs/OCBs in Indian companies through secondary
markets . |
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A Press Note enhancing individual and aggregate
portfolio investment ceiling by Non-resident
Indians (NRIs)/Persons of Indian Origin (PIOs)/Overseas
Corporate Bodies (owned by such persons to the
extent of at least 60 percent) (OCBs) was issued
on 11th June, 1998. In that note the investment
limit by a single NRI/PIO/OCB for purchase of
shares in a company through stock exchanges
under portfolio investment scheme was raised
from 1% to 5% and the aggregate limit for all
NRIs/PIOs/OCBs was raised from 5% to 10% of
the paid up equity capital. These limits for
NRIs/PIOs/OCBs were part of the aggregate ceiling
of 24% for all FIIs/NRIs/PIOs/OCBs in the paid
up capital of a company which could be raised
to 30% by a Board/General Body resolution. |
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As the
aggregate investment limit have been reached
in the case of many companies the enhancement
of the NRI/PIO/OCB limit would not provide greater
freedom in practice in these cases. In order
to provide a greater margin of flexibility for
NRI/PIO/OCB investment it has been decided that
the individual and aggregate ceiling for portfolio
investments by NRIs/PIOs/OCBs will be exclusive
of the aggregate portfolio investment ceiling
for FIIs.
The NRIs/PIOs/OCBs aggregate portfolio investment
ceiling would be 10% of the paid up equity capital
of a company. FII investment would continue
to be subject to a separate aggregate ceiling
of 24%/30% of the paid up equity capital of
a company.
No. F. 10/15/98-NRI |
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| Industrial Complexes
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| To ensure a good
impact with the available limited resources, SIPCOT
has created Industrial Complexes and Parks, strategically
located in seventeen places, which occupy a place
of pride in the State's industrial map. |
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