Abstract
The command of LPG (liberalisation, privatisation and globalisation) has been one of the major decisions taken by the Indian government in the aftermath of the deteriorating condition of Indian economy (Sumanjeet and Paliwal, 2010). When India opened its doors, as expected, foreign investment flew in with great amount. Amongst various forms of foreign investment, FII flows have been the major components. Brenton et al.'s (1999) FII since their entry in 1992 till date have been showing great existence in terms of their numbers registered with SEBI and the amount of investment in Indian equity and debt market. Various FIIs (major fund investors) have come from various countries. It has been observed that amongst various components of FPI like FIIs, ADRs/GDRs and offshore funds, FIIs have constituted the major proportion (Akula, 2011).
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