The Hindu Business Line : FIIs' investments likely to touch $8 billion in 2004

DESPITE stock indices close to their all-time high levels, foreign investors are still bullish on India and feel more funds will come to the country in the remaining part of the year.

Speaking at the Fund World 2004 conference here on Monday, Mr Paul D Hedges, Global Head, Securities Services, Standard Chartered Bank, UK, said: "FIIs investment had reached all-time high levels last week and inflows are likely to continue. I feel inflows this calendar year could touch $8 billion".

The FIIs inflows have already touched all-time high in the equity market till now.

Till last Thursday, it was $6.93 billion, according to SEBI data. Last year, total inflow in the equity market was to the tune of $6.59 billion.

Mr Hedges also said the Sensex is expected to touch 8000 levels. However, he did not specify any time limit for the level.

Meanwhile, Ms Sally Buxton of Cadogan Financial, a specialist consultancy firm, said SEBI needs more hands on knowledge for regulating mutual funds.

She said market the regulator needed to supervise more actively asset management companies. She also suggested forgetting of self-regulatory organisation for fund managers and distributions.

On the overall mutual fund industry, she said they have faced an uphill struggle against government guaranteed savings and the tax flip-flops added to disincentive.

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