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    <description>A government working group will review and recommend rationalisation of non-FDI foreign inflows-including portfolio investments by FIIs/NRIs, FVCIs and private equity-aiming to curb regulatory arbitrage while maintaining KYC safeguards. Its terms of reference require analysis of investment forms (equity, derivatives, debt), scrutiny of participatory notes, reconsideration of Securities Transaction Tax and stamp duty treatment, identification of legal and regulatory bottlenecks, and formulation of short-, medium- and long-term legal and policy reforms, informed by earlier expert committee reports.</description>
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