'%6*URXS5HVHDUFK 2FWREHU DBS Business Insights Series ... DBS Asian Insights DBS BUSINESS INSIGHTS SERIES 02 INVESTING IN INDIA Ravinder Chhabra Vice President, DBS Bank (India) …

INVESTING IN INDIA

DBS Business Insights Series

DBS Group Research • October 2015

DBS Asian Insights

DBS Asian Insights DBS BUSINESS INSIGHTS SERIES02

INVESTING IN INDIA

Ravinder Chhabra Vice President, DBS Bank (India)[email protected]

Mustafa Sanchawalla Assistant Vice President, DBS Bank (India) [email protected]

Produced by:Asian Insights Office • DBS Group Research

go.dbs.com/research @dbsinsights [email protected]

DBS Asian Insights INVESTING IN INDIA

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Introduction

Economic Overview

Investment Routes for India Access

Foreign Investment Avenues

Eligible Instruments for Foreign Investors

Foreign Portfolio Investor

Introduction and Evolution

Eligibility Criteria and Categorisation

Registration Process and Documentation

Comparison of FPI with Earlier FII/Sub-Account Regime

Key Intermediaries and Market Participants

Trading Overview

Taxation

Appendix

Introduction ndia has a proven investment track record and is a vibrant market full of possibilities. The world’s largest democracy with an active judiciary, India elected into power its first majority government in two decades last May. This, combined with the new foreign investment regulations released by the Securities and Exchange Board of India (SEBI),

creates an excellent investment environment.

The Indian stock market and currency have been performing better relative to other emerging economies. The new government is working toward bringing change in every sphere of economic activity – from promoting Indian exports and attracting investments from strategic countries to promoting better allocation of resources and quicker decision-making by government departments. There have been challenges along the way and some key reforms have yet to see the light of day but India is expected to do well in the medium- to long-term.

From a portfolio investment point of view, SEBI has eased the registration process, where once one has registered as a foreign portfolio investor (FPI), the investment procedure is fairly simple. The settlement cycle for equities is trade date plus two days (T+2), which is better than some of the more advanced markets like Europe. The institutional framework for investments in India is top-notch, given the tech savvy, depth, and diversity of products on the National Stock Exchange of India, the resilience and settlement protection of the National Securities Clearing Corporation, and the protection of ownership through segregated accounts of National Security Deposits Limited. Global certified public accountancy and law firms offer services similar to those available in other markets, and execution speed and confidentiality of institutional brokerages are as per global standards.


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India is expected to do well in the medium- to long-term


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Economic Overview Growth Prospects

ndia’s economy expanded 7% on-year in the June quarter (first quarter of the 2015/16 fiscal year) from 7.5% the quarter before. This enviable pace is among the fastest in the region, with the service sector accounting for the bulk of the pick-up, apart from which agriculture and construction added most points to June quarter growth. On the

expenditure end, government spending emerged as a key support while consumption largely held onto gains from the last quarter.

Taking the economy’s pulse, credit growth and money supply indicators were soft, though early signs of a turnaround were visible in consumer discretionary spending, industrial production, and investment-led imports. We expect the economy to expand 7.4% this year, with the slack to be absorbed by frontloaded fiscal support, monetary easing, and a pick-up in consumption spending. While a cyclical upturn in industrial activity gets underway, a delay in key reforms means structural tailwinds will limit recovery prospects.

Monetary Policy to Assume Growth-Supportive StanceInflation has eased significantly over the past year, from an average of 9.5% in the 2014 fiscal year to 6% in the 2015 fiscal year to below 5% in recent months. Limited fallout from below-average rains, weak commodity prices, and tepid demand pressures have kept a lid on price pressures, providing comfort to the Reserve Bank of India (RBI) on the evolving inflation outlook.

Our estimates suggest consumer price index inflation will average a subdued 5% this year, providing leeway for monetary policy to maintain an accommodative bias. The RBI tapped the available room to cut rates by 125 basis points between January and September. A pause is likely to follow in December, with the odds of another 25 to 50 basis point cut in the 2016 first half to rise if inflation undershoots the 5.8% official estimate and external risks abate.

Twin Deficits in Check

The twin deficits – current and fiscal – are likely to stay within targets this year. Current account dynamics remain favourable even as the deficit is set to widen modestly to 1.6% of GDP from 1.3% in the 2014/15 fiscal year. Low crude prices have narrowed the oil import bill by 40% so far in the 2015/16 fiscal year. While the latter has reined in the trade deficit, the simultaneous decline in exports has taken some of the sheen off. With services trade also feeling the heat of late, we expect the current account gap to widen modestly.

On the fiscal front, there is reasonable confidence that the government will meet the 3.9% deficit target this year. Despite pipeline spending risks due to a new compensation scheme for retired armed personnel and capital infusion for public sector banks, the authorities will still have some wiggle room. Global crude prices are hovering below


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budgeted levels, which will yield some savings from fuel subsidies. On the revenues front, direct tax collections were subdued, but indirect tax receipts were up 36% between April and August. A sharp increase in dividends and profits from the central bank and state-owned institutions were timely to bridge the fiscal gap. Overall, the deficits are in check and, with a foreign reserves buffer that is sufficient to meet short-term external debt obligations, the economy is well protected against external risks.

Investment Routes for Foreign InvestorsForeign Investment Avenues

Foreign investors have been allowed access to Indian stock markets through various routes:

Foreign Direct Investment (FDI) – Strategic in nature and can be made under the automatic route or under the approval route mandated by the government and RBI from time to time.

Foreign Portfolio Investment (FPI) – Portfolio investment by offshore entities into listed securities in India. License to be obtained from a designated depository participant (DDP) custodian.

Foreign Venture Capital Investors (FVCI) – Investments in venture capital undertakings, after obtaining a license from SEBI and the RBI.

Non-Resident Indian (NRI) – Investment route for Indian citizens who live outside India for employment, business or vocation reasons and for non-resident foreign citizens of Indian origin.


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Portfolio InvestmentsVenture Captial / PE

SEBI Registration delegated to DDPs, DDP (Custodian) to verify eligibility as per SEBI norms

Strategic Investments Portfolio Investments

SEBI Registration + Sponsor FIISEBI Registration SEBI RegistrationNo Registration No Registration No Registration

Foreign Institutional Investor (FII)

Foreign Portfolio Investor (FPI)

No Change

FII Sub-AccountQualified Foreign

Investor (QFI)

Foreign Venture Capital Investor

(FVCI)

Foreign Direct Investor (FDI)

Non-Resident Indian (NRI)

Source: DBS Bank

Eligible Instruments for Foreign Investors


Market Segment Instrument type FPI FDI FVCI

Equity market Listed equity √ √* No*

Unlisted equity No √ √

Preference shares √ √ √

Warrants √ √ √

Partly paid shares √ √ No

Units of mutual funds √ No No

Fixed income Dated government securities √ No No

State development loans √ No No

Treasury bills No No No

Commercial paper No No No

Certificates of deposit No No No

Corporate bonds - non convertible √ No* √*

Corporate bonds - convertible √* √ √

Credit enhanced bonds √ No No

Derivative contracts Index futures √ No No

Index options √ No No

Stock futures √ No No

Stock options √ No No

Interest rate futures √ No No

Currency derivatives √ No No

Others Perpetual debt instruments such as tier I and upper tier II of bank instruments

√ No No

Collective investment schemes √ No No

Asset reconstruction companies (ARC) √ √ No

Security receipts issued by ARC √ No No

Securities lending and borrowing √ No No

*Additional restrictions or conditions may be applicable specific to the asset class and investment route.

Foreign Portfolio Investment Introduction and Evolution

As part of the effort to harmonise foreign investment routes into India, a joint initiative by regulators and the government (the Shri K.M.Chandrasekhar committee) has introduced the FPI scheme – a single entry portfolio investment route for foreign investors. The new scheme, which began on June 1 2014 under the 2014 FPI regulation, merges the earlier foreign institutional investor (FII) and qualified foreign investor regimes into the new FPI regime. This initiative has also brought about important changes to market mechanisms, aimed at improving efficiency and achieving global standards in key market processes.

Eligibility Criteria

Authorised by its constitutive document(s) to invest on its own behalf or on behalf of its clients

Legally permitted to invest in securities outside the country of incorporation/place of business

Is not an opaque structure

Not a resident in India and not a non-resident Indian

Track record, professional competence, financial soundness, experience, general reputation of fairness and integrity

Is a fit and proper person as defined under the 2008 SEBI (intermediaries) regulations

Only investors residing in jurisdictions that are:

Signatory to the International Organisation of Securities Commissions’ Multilateral Memorandum of Understanding/SEBI Memorandum of Understanding or (in the case of banks) the central bank is a member of the Bank for International Settlements

Not listed in Financial Action Task Force (FATF) public statements as

having a strategic anti-money laundering/combating the financing of terrorism deficiency to which counter measures apply; or

having insufficient progress in addressing deficiencies or not being committed to action plan developed with FATF to address this


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Categorisation

Registration Process and Documentation

In order to open depository accounts, the applicant entity will need to obtain or possess a permanent account number (PAN) card, issued by the Indian income tax authorities. They then need to submit the original or a copy of the PAN card to custodians for verification.

This is a shift from the previous process, where the due diligence process done by SEBI will now be performed by the DDPs. Registration will be granted to the applicant within a 30-day period from the date of receipt of the completed application.

If the applicant is newly incorporated/established and seeking to register itself as a broad-based fund under Category II, but does not satisfy the broad-based criteria at the time of


FPI Category SEBI Fee (Every three years)

Types of Investors Remarks

Category 1 Nil Government and related entities such as foreign central banks, government agencies, sovereign wealth funds, mul-tilateral organisations, etc.

Exclusive government securities invest-ment limit

Can issue offshore derivative instru-ments (ODI)

Category 2 US$3,000 a. Appropriately regulated entities: Banks, asset management compa-nies, investment managers/advisors, portfolio managers

b. Regulated broad-based funds such as mutual funds, investment trusts, insurance/reinsurance companies

c. Unregulated broad-based fund whose investment manager is ap-propriately regulated; such invest-ment managers to be registered as Category II FPI

d. University funds, pension funds

e. University-related endowments already registered with SEBI

Can issue ODI, except unregulated broad-based funds can’t issue/sub-scribe

Considered “appropriately regulated” if it is regulated or supervised by the securities market regulator or the banking regulator of the concerned foreign jurisdiction, in the same capacity in which it proposes to make investments in India

Broad-based: At least 20 investors, with no investor holding more than 49% of the shares or units of the fund

Category 3 US$300 All others not eligible for Category I and II, such as endowment, charitable society trust, foundation, body corp., trust, individual, family office, etc.

No ODIs

No qualified institutional buyers (QIB)

Source: SEBI

application, the DDP may consider granting conditional registration, with a validity period of 180 days and additional conditions to be followed.

If the FPI fails to satisfy the DDP that it has attained broad-based status within 180 days, it shall be reclassified as Category III. The accounts of such entities would be blocked until the balance know-your-customer (KYC) documents, as applicable under Category III, are regularised. And if the entity holds any securities that it cannot hold under Category III, then such securities will need to be disinvested as per SEBI guidelines. (Details on the documentation required when making an application to the DDP for FPI status can be found in the appendix.)

Comparison of FPI With Earlier FII and Sub-Account


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Details FII FPI

Registration and conversion

SEBI registration Access fee every three years

Registration through DDPs Access fee every three years

Permitted investment

Equity, government bonds, corporate debt, mutual funds, securities receipts

Listed equity derivatives, securities lending and borrowing, interest rate futures, Indian depository receipts

Same as FII (unlisted equity not permitted)

Equity investment limits

Up to 10% of paid-up capital

Aggregate limit of 24% (extendable)

<10% of paid-up capital

Aggregate limit of 24% (extendable)

ODI FIIs can issue ODIs (sub-accounts can’t issue ODIs)

Category I and II FPIs can issue ODIs (unregulated broad-based fund cannot issue/subscribe)

Category III cannot issue ODIs

QIB status QIB Category I and II: QIB

Category III: Non-QIB

KYC Uniform KYC Risk-based KYC

Eligibility Specified categories of institutional and retail investors

All investor categories

No requirement to come under a registered FPI

Margins Margin required on buys and sells on trade plus one day (T+1), unless early pay-in of cash or securities is made

Category I and II: Margins required on buys and sells on T+1 unless early pay-in of cash or securities is made

Category III: Upfront margins on both buys and sells on trade date apply to foreign corporate, individuals, and family offices. All other Category III FPIs subject to same requirements as Category I and II FPIs

Source: SEBI


Key Intermediaries and Market Participants

Trading Overview

Regulators Reserve Bank of India (RBI) Securities and Exchange Board of India (SEBI)

Stock exchanges and central counterparty clearing houses

National Stock Exchange (NSE) and National Securities Clearing Corp. Ltd. (NSCCL)

Bombay Stock Exchange (BSE) and Indian Clearing Corp. Ltd. (ICCL)

MCX Stock Exchange (MCX-SX) and MCX-SX Clearing Corp. Ltd.

17 regional exchanges

Government securities market Negotiated dealing system order matching (NDS-OM) for trading, reporting

Clearing Corporation of India Ltd. (CCIL) for clearing and settlement

Depositories National Securities Depository Limited (NSDL)

Central Depository Services (India) Limited (CDSL)

Market participants Brokers, custodians, FPIs, domestic asset management companies, insurance companies, banks, financial institutions, local corporations, retail investors

Settlement currency Indian rupee - Convertible (on-shore)

Trading hours Equity markets operate Monday to Friday from 9:15 am - 3:30 pm (Pre-open call ses-sion: 9:00 am - 9:15 am). Securities lending & borrowing (SLB) and debt segments for corporate bonds also follow the same schedule

Currency derivative segment operates from 9:00 am - 5:00 pm

NDS-OM: Government securities market operates from 9:00 am - 5:00 pm

Settlement cycle T+2 for equitiesT+1 for SLBT+2 for government securitiesT to T+2 for corporate bonds

Account structure Segregated securities account

Segregated cash account

Lock-in period None

Minimum residual maturity Three years for corporate and government bonds

Trade pre-matching Available

Fail trades Forced buy-in will be conducted by the exchange and penalties will be levied


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TaxationAssessment Year: 2016 to 2017Previous Year: 1 April 2015 to 31 March 2016Nature of income Foreign company Non-corporate

If net taxable income <= 10 million rupees

If net taxable income > 10 million rupees but <= 100 million rupees

If net taxable income > 100 million rupees

If net taxable income <= 10 million rupees

If net taxable income > 10 million rupees

Dividends/income in terms of shares and units of a mutual fund

Nil Nil Nil Nil Nil

Interest on rupee bonds and government securities (%)

5.15 5.253 5.4075 5.15 5.768

Interest others (%) 20.60 21.012 21.630 20.60 23.072

Sale of shares and units of equity-oriented funds subject to securities transaction tax (STT)Short-term capital gain (%)

15.45 15.759 16.2225 15.45 17.304

Long-term capital gain

Nil Nil Nil Nil Nil

Sale of shares and units of equity-oriented funds not subject to STTShort-term capital gain (%)

30.90 31.518 32.445 30.90 34.608

Long-term capital gain (%)

10.30 10.506 10.815 10.30 11.536

Sale of debt securitiesShort-term capital gain (%)

30.90 31.518 32.445 30.90 34.608

Long-term capital gain (%)

10.30 10.506 10.815 10.30 11.536

The above rates are inclusive of surcharge and education cess, wherever applicable. The rates are not applicable where a lower rate is prescribed under a double taxation avoidance agreement

entered into by the central government under Section 90 of the 1961 Income Tax Act.Source: KPMG


AppendixDocument Category I Category II Category III Remarks

1 Form A Mandatory Mandatory Mandatory Completely filled and signed by the authorised signatory

2 Application Fee Exempted ** US$3000 US$300

3 Board Resolution Exempted * Mandatory Mandatory On letterhead and all pages to be signed by company secretary or two directors (one director should be independent director). Company stamp to be affixed on all pages

4 Additional undertakings and declaration as per the FPI regulation

Mandatory Mandatory Mandatory On letterhead and signed by the authorised signatory

5 Feeder fund declaration - applicable only for master-feeder structures

Mandatory Mandatory Mandatory On letterhead of FPI and signed by the authorised signatory

6 Copy of certificate issued by regulator of the client, if any (e.g. global business license)

Exempted * Mandatory Mandatory Certified true copy signed by authorised signatory, affixed with company stamp and consularised

7 Shareholding pattern charter document/legislation

Mandatory Mandatory Mandatory On letterhead. signed by the authorised signatory along with company stamp

8 List of ultimate beneficial owner (UBO) - shareholder holding 25% or more

Exempted * Mandatory (declaration to be given if no UBO over 25%)

Mandatory On letterhead, signed by the authorised signatory along with company stamp

9 If the entity is set up for the sole purpose of pooling funds and making investments, then prospectus/placement memorandum or any other documentary evidence to be obtained

Mandatory Mandatory Mandatory Certified true copy signed by the authorised signatory and affixed with company stamp

10 Foreign Account Tax Compliance Act Declaration - applicable from January 2015

Mandatory Mandatory Mandatory Signed by the authorised signatory and affixed with company stamp

11 Memorandum of association and articles of association, including certificate of incorporation and any other equivalent document evidencing eligibility to invest outside the home country

Mandatory Mandatory Mandatory Certified true copy signed by authorised signatory, affixed with company stamp and consularised

12 Certification from their bank for having satisfactory relationship for the preceding year

Exempted Exempted Mandatory On letterhead of client’s bank, signed (name and designation) and stamped


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Document Category I Category II Category III Remarks

1 Form A Mandatory Mandatory Mandatory Completely filled and signed by the authorised signatory

2 Application Fee Exempted ** US$3000 US$300

3 Board Resolution Exempted * Mandatory Mandatory On letterhead and all pages to be signed by company secretary or two directors (one director should be independent director). Company stamp to be affixed on all pages

4 Additional undertakings and declaration as per the FPI regulation

Mandatory Mandatory Mandatory On letterhead and signed by the authorised signatory

5 Feeder fund declaration - applicable only for master-feeder structures

Mandatory Mandatory Mandatory On letterhead of FPI and signed by the authorised signatory

6 Copy of certificate issued by regulator of the client, if any (e.g. global business license)

Exempted * Mandatory Mandatory Certified true copy signed by authorised signatory, affixed with company stamp and consularised

7 Shareholding pattern charter document/legislation

Mandatory Mandatory Mandatory On letterhead. signed by the authorised signatory along with company stamp

8 List of ultimate beneficial owner (UBO) - shareholder holding 25% or more

Exempted * Mandatory (declaration to be given if no UBO over 25%)

Mandatory On letterhead, signed by the authorised signatory along with company stamp

9 If the entity is set up for the sole purpose of pooling funds and making investments, then prospectus/placement memorandum or any other documentary evidence to be obtained

Mandatory Mandatory Mandatory Certified true copy signed by the authorised signatory and affixed with company stamp

10 Foreign Account Tax Compliance Act Declaration - applicable from January 2015

Mandatory Mandatory Mandatory Signed by the authorised signatory and affixed with company stamp

11 Memorandum of association and articles of association, including certificate of incorporation and any other equivalent document evidencing eligibility to invest outside the home country


12 Certification from their bank for having satisfactory relationship for the preceding year

Exempted Exempted Mandatory On letterhead of client’s bank, signed (name and designation) and stamped

13 Management profile including number of years in operation and area of experience/expertise

Exempted Mandatory Mandatory On letterhead and signed by the authorised signatory, affixed with company stamp

14 Financial statements/audit report for immediately preceding two years

Exempted * Exempted * Mandatory Certified true copy signed by authorised signatory, affixed with company stamp and consularised

15 Securities and Exchange Board of India (SEBI) certificate (applicable for existing registered clients)

Mandatory Mandatory Mandatory Original certificate to be surrendered to SEBI

16 Permanent account number card


17 Proof of address Mandatory (Power of attorney mentioning the address is acceptable as address proof)

Mandatory (Power of attorney mentioning the address is acceptable as address proof)

Mandatory (any utility bill not older than three months)

Certified true copy signed by authorised signatory, affixed with company stamp and consularised

18 List of directors/partners/trustees, etc.

Mandatory Mandatory Mandatory On letter head and signed by directors/ company secretary. Company stamp to be affixed

19 Identity proof of directors Exempted * Exempted * Declaration acceptable on letterhead with full name, nationality, date of birth or submission of photo as identity proof

Self-attested and consularised/notarised

20 Address proof of directors Exempted * Exempted * Declaration on letterhead

Self-attested and consularised/notarised

21 Photograph of directors Exempted Exempted Exempted *

22 List of authorised signatories with specimen signatures

Mandatory – list of global custodian signatories can be given in case of power of attorney to global custodian

Mandatory – list of global custodian signatories can be given in case of power of attorney to global custodian

Mandatory Certified by the directors, affixed with company stamp and consularised/notarised

23 Photographs of authorised signatories

Exempted * Mandatory Mandatory Photograph to be affixed on the list of authorised signatories and signed across the photo and page

24 Identity proof of authorised signatories

Exempted * Exempted * Mandatory Self-attested and consularised/notarised


25 Identity and address proof of UBO holding more than 25% of shares


26 Designated depository participant agreement

Mandatory Mandatory Mandatory All pages to be signed by authorised signatory as per the board resolution and affixed with company stamp (franked for 300 Indian rupees)

27 Power of attorney Mandatory Mandatory Mandatory All pages to be signed by authorised signatory as per the board resolution and affixed with company stamp. To be notarised (franked for 100 rupees)

28 Constituents' subsidiary general ledger agreement - only if investment is in government securities


29 Cash account opening form Mandatory Mandatory Mandatory All pages to be signed by authorised signatories as per the board resolution and affixed with company stamp

30 Customer profile form Mandatory Mandatory Mandatory Signed by authorised signatories as per the board resolution and affixed with company stamp

31 Depository account opening form

Mandatory Mandatory Mandatory Signed by authorised signatories as per the board resolution and affixed with company stamp

32 Rights and obligations Mandatory Mandatory Mandatory Signed by authorised signatories as per the board resolution

33 Fax indemnity - in case client is not part of Society for Worldwide Interbank Financial Telecommunication


34 Green initiative letter - if the client requires statements by email


35 Fee schedule Mandatory Mandatory Mandatory Signed by authorised signatories as per the board resolution and affixed with company stamp

36 Additional documents to be obtained – in case fund administration is involved for operating the account

Optional (only if applicable)



Appointment documents , board resolution, address proof, identity proof, list of authorised signatories


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25 Identity and address proof of UBO holding more than 25% of shares


26 Designated depository participant agreement


27 Power of attorney Mandatory Mandatory Mandatory All pages to be signed by authorised signatory as per the board resolution and affixed with company stamp. To be notarised (franked for 100 rupees)

28 Constituents' subsidiary general ledger agreement - only if investment is in government securities


29 Cash account opening form Mandatory Mandatory Mandatory All pages to be signed by authorised signatories as per the board resolution and affixed with company stamp

30 Customer profile form Mandatory Mandatory Mandatory Signed by authorised signatories as per the board resolution and affixed with company stamp

31 Depository account opening form


32 Rights and obligations Mandatory Mandatory Mandatory Signed by authorised signatories as per the board resolution

33 Fax indemnity - in case client is not part of Society for Worldwide Interbank Financial Telecommunication


34 Green initiative letter - if the client requires statements by email


35 Fee schedule Mandatory Mandatory Mandatory Signed by authorised signatories as per the board resolution and affixed with company stamp

36 Additional documents to be obtained – in case fund administration is involved for operating the account




Appointment documents , board resolution, address proof, identity proof, list of authorised signatories

Source: RBI and SEBI

* Not required while opening the bank account. However, FPIs concerned may submit an undertaking that the relative document(s) will be submitted to the bank upon demand by regulators/law enforcement agencies.

** If Common UBO (Ultimate Beneficial Ownership) then only one FPI shall be exempt from payment of registration fee under Category I and the other FPIs shall pay registration fees as applicable to Category II, except where the beneficial owner is an international/multilateral agency such as the World Bank and other institutions established outside India for providing aid, which have been granted privileges and immunities from payment of tax and duties by the central government.

Copies of all the documents submitted by the applicant should be self-attested and accompanied by originals for verification. In case the original of any document is not produced for verification, then the copies should be properly attested by the Indian Embassy/Consulate General in the country where the entity resides. If the country is Financial Action Task Force-compliant, attestation from a notary public will suffice.



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Disclaimers and Important Notices

The information herein is published by DBS Bank Ltd (the “Company”). It is based on information obtained from sources believed to be reliable, but the Company does not make any representation or warranty, express or implied, as to its accuracy, completeness, timeliness or correctness for any particular purpose. Opinions expressed are subject to change without notice. Any recommendation contained herein does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee.

The information herein is published for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate legal or financial advice. The Company, or any of its related companies or any individuals connected with the group accepts no liability for any direct, special, indirect, consequential, incidental damages or any other loss or damages of any kind arising from any use of the information herein (including any error, omission or misstatement herein, negligent or otherwise) or further communication thereof, even if the Company or any other person has been advised of the possibility thereof.

The information herein is not to be construed as an offer or a solicitation of an offer to buy or sell any securities, futures, options or other financial instruments or to provide any investment advice or services. The Company and its associates, their directors, officers and/or employees may have positions or other interests in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking or financial services for these companies.

The information herein is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation.

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Living, Breathing Asia

'%6*URXS5HVHDUFK 2FWREHU DBS Business Insights Series ... DBS Asian Insights DBS BUSINESS INSIGHTS SERIES 02 INVESTING IN INDIA Ravinder Chhabra Vice President, DBS Bank (India) …

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