WARY OF ROUND-TRIPPING, SEBI LOCKS OUT 50 FUNDS

The Indian Capital Market Regulator has shut its doors on several foreign funds amid concerns that they may turnout to be vehicles for round-tripping of money by local residents. The Securities and Exchange Board of India (SEBI) is taking a closer look at the structure of new investors as well as those seeking renewals following misreporting of transactions by blue-chip foreign institutional investors (FIIs) like Barclays and Society Generale.