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Sberbank Becomes First Russian Bank to Register with SEBI

Published on October 19, 2023

Current Context: Sberbank of Russia has become the first Russian bank to register with the Securities and Exchange Board of India (SEBI) as a Foreign Portfolio Investor (FPI).

Sberbank Becomes First Russian Bank to Register with SEBI

  • This state-owned bank, which already has a presence in India, registered with the Indian markets regulator for a Category I FPI license.
  • Category I FPI registration is only granted to government or government related foreign investors or regulated entities such as banks, sovereign wealth funds, investment trusts, pension funds, asset management companies.
  • Sberbank’s registration takes the total number of Russia-based FPIs in India to five, with all others being non-banks.
  • Till now, Alfa Capital Management, First Asset Management, Igor Noskov, and Vesvolod Rozanov have been granted FPI registrations. 
  • Sberbank received approval from the Reserve Bank of India (RBI) in May 2010 to set up a branch in India and commenced its banking business from January 2011.

Question:

Q.1 What type of FPI licence did Sberbank register for with SEBI?

a. Category I

b. Category II

c. Category III

d. Category IV

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