RBI restricts NRIs to buy shares in Shyam Telecom

MUMBAI: Reserve Bank has put Shyam Telecom under the caution list and said further purchase of equity shares of the company by non-resident Indians would be allowed only after its approval.
The foreign shareholding through non-resident Indians (NRIs) in Shyam Telecom Limited has reached the trigger limit, the RBI said in a notification on Tuesday.
"Hence further purchases of equity shares of this company would be allowed only after obtaining prior approval of the RBI," it said.
As per data available on the BSE, promoters held 66.22 per cent in the company as of quarter ended June 2015.
While, the shareholding by foreign institutional investors (FIIs) was nil, others held 33.78 per cent stake in the company.
FIIs, NRIs and PIOs (persons of Indian origin) can invest in primary and secondary capital markets in India through portfoliop investment scheme (PIS).
The RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis and has fixed the cut-off points two percentage points lower than the actual ceiling.