3.5.1. Expansion of Qualified Foreign Investors (QFIs ) Scheme

♤ In Budget 2011-12, the government, for the first time, permitted Qualified Foreign Investors (QFIs), who meet the know-your-customer (KYC) norms, to invest directly in Indian MFs.

♤ In June 2012, the definition of QFI was expanded to include residents of the member countries of the Gulf Cooperation Council (GCC) and European Commission (EC) as the GCC and EC are the members of the Financial Action Task Force (FATF).