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What is an Overseas Corporate Body (OCB), and can it invest in the Indian markets?

An overseas corporate body is a company, partnership firm, society or any other corporate body owned directly or indirectly by a Non-Resident Indian and includes an overseas trust where not less than 60% beneficial interest is held by Non-Resident Indians directly or indirectly. Such an ownership interest has to be held by them and not in the capacity of a nominee.

OCBs cannot invest in the Indian markets as RBI had derecognised (PDF) it in 2003.