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Mumbai: Mauritius continues to be on the receiving end of regulatory flip-flops in India with a fresh blow coming from the Reserve Bank of India(RBI). Last week the banking regulator came out with a diktat saying no entity coming from a non-Financial Action Task Force (FATF) jurisdiction can hold more than 20% of voting rights in a non-banking financial company (NBFC). This would directly impact the investments coming from Mauritius since the island nation has been put on the ‘Grey List’ of FATF.
This stance taken by RBI is in steep contrast with that of what the central government did last year. In June 2020, the Finance Ministry brought out a circular giving special dispensation to Mauritius based funds in terms of foreign portfolio investor (FPI) licenses.