FPIs move MeitY against data bill, seek exemption

Mumbai: Overseas funds invested in Indian assets are opposing a proposed data protection bill that requires them to keep locally a copy of financially sensitive ownership-related data, including the details of ultimate beneficiaries and offshore banking accounts of foreign portfolio investors (FPI) dealing in Mumbai-traded securities.

The proposed Personal Data Protection Bill (PDPB) has prompted the foreign fund lobby grouping, Asia Securities Industry & Financial Markets Association (Asifma), to approach the Ministry of Electronics and Information Technology (MeitY). Asifma, which represents the interests of FPIs such as Citi, Invesco and CLSA, has told MeitY in a letter that the proposed law would create further problems in the financial services sector. ET has reviewed the letter.