HYDERABAD: The Communist Party of India has opposed foreign direct investment in the country's stock market and expressed serious concern over 'multilevel marketing loot'.
The party's National Council, on the second day adopted a resolution strongly opposing the Centre's scheme to enable individual foreign investors from over 80 countries to access the Indian stock market. The scheme was aimed at further opening up the stock market to the vagaries of foreign investments, it alleged.
"Under the scheme, any foreign individual investor can invest in the stock market upto $10 billion (`50,000 crore). It is not in our country's interest to liberalise investment in the stock market. The scheme should be abandoned," it demanded.