Where the approval is automatic, activities and extent of ownership are listed, while in regard to the rest, a case-by-case approval by a high-powered board is adopted. Portfolio investments are restricted to select players, viz. FIIs. They could, subject to some restrictions, operate in equity and debt markets.
FIIs are permitted to invest in equity subject to a ceiling of 10 per cent for individual FIIs in a single company and 30 per cent collective investment ceiling in a single company. Indian corporates are permitted, again through a process of approval of individual cases satisfying general guidelines, to access funds through global depository receipts and euroconvertibles.