Register GCC banks as FIIs in India: Kamal Nath

Mumbai, May 30: India today urged the Gulf Cooperation Council (GCC) to register GCC Banks as Foreign Institutional Investor (FII) in the country and to take advantage of the India's booming stock market.

Delivering the valedictory address at the 3rd Indo-GCC Forum here today, Commerce and Industry Minister Kamal Nath invited attention of Dr Hashim bin Abdullah bin Hashim Abdullah Al Yamani, Minister of Commerce and Industry, Saudi Arabia, and Mr Maqbook Ali Sultan, Minister of Commerce and Industry, Oman, towards the prevailing buoyant conditions in the Indian Stock Market, and urged the GCC countries to actively look at investing in the Indian blue chips.

The market capitalisation of 18 of the few thousand stocks listed on the Indian bourses has touched one trillion dollars, the Minister said and invited the GCC banks to register as FIIs in the country which will enable high net worth clients of these banks to trade in Indian equities.

Responding favourably to the Minister's suggestion, GCC Assistant Secretary General, Mohammad Obiad Almazroai said that the GCC had huge investible funds and will set up a committee to identify the potential prospects for investing in Indian capital market.

UNI