Surely, there must be a better path for including foreign individuals and other retail investors in the Indian market than the QFI regime and one wonders if Sebi has looked at the FII regulations carefully. During the period between 2000 and 2008, virtually any foreign entity or individual could be a sub-account of an FII.
http://economictimes.indiatimes.com/markets/regulation/foreign-equity-investments-by-qfis-history-revisited/articleshow/11623255.cms
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