By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) ? India plans to open its stock market to individual foreign investors later this month in a bid to increase investment in the country from overseas, according to media reports.
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Qualified foreign investors would be able to invest up to 5% of the capital of Indian companies, India?s government said Sunday, Dow Jones reported.
The move is being made ?to widen the class of investors, attract more foreign funds, and reduce market volatility and to deepen the Indian capital market,? the New Delhi government said in a statement, Agence France Presse reported.
The plan would be implemented by Jan. 15.
In the past, foreign investors could only access India?s stock market through mutual funds or institutional investment schemes.
Kate Gibson is a reporter for MarketWatch, based in New York.
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