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20 FIIs to be prosecuted under Fera

BS Corporate Bureau

The Enforcement Directorate has decided to prosecute 20 foreign institutional investors for allegedly violating Foreign Exchange Regulations Act and has filed criminal complaints against them in the court of the chief metropolitan magistrate at Mumbai, ED sources said.

The complaints pertain to the private placement of shares of Himachal Futuristic Communication in which the Shankar Sharma-owned First Global was the sole book-runner.

Of the 20 FIIs, 13 are US-based and include some of the biggest names in the industry, including three from the Putnam stable and one from the GMO group.

The list also includes big names like the Govett funds and the College Retirement Equities Fund.

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