Tuesday, March 18, 2008

National Investment Fund Declared as QIB

In what could be a slow begining towards an Indian SWF, a SEBI Press release included National Investment Fund (NIF), a fund set up by the Government of India vide Gazette Notification no. F. No. 2/3/2005-DD-II dated November, 23, 2005 in the definition of QIB.

NIF is a fund consisting of the proceeds from disinvestment of Central Public Sector Undertakings, which would invest in equity in accordance with broad investment guidelines provided by the Government of India.

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