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Commerce Short Question | Gkseries

Q.

Which among the following is not a correct statement ?

[A] Designated bank refers to any bank in India, which has been authorised by the RBI to act as banker to FII
[B] Domestic custodian includes any person carrying on the activities of providing custodial services in respect of securities.
[C] Sub-account includes those institutions, established or incorporated in India, whether incorporated or not, on whose behalf investments are proposed to be made in India by FIIs.
[D] A domestic portfolio manager or domestic asset management company shall also be eligible to be registered as FII to manage the funds of sub-accounts.
Answer & Explanation

Answer: Sub-account includes those institutions, established or incorporated in India, whether incorporated or not, on whose behalf investments are proposed to be made in India by FIIs.
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