NEW DELHI: Battered Indian shares would be among the first to recover from the global financial crisis and not all foreign investors are exiting, the capital market regulator said on Saturday.

Only leveraged investors are leaving the country but long-term players such as pension funds continue to invest in Indian shares, the chairman of the Securities and Exchange Board of India, C.B. Bhave said at a conference in the national capital. “This country will recover most probably among the fastest in the world.. we will be among the first few to recover,” he said.

“Every crisis is an opportunity. We have learnt a lot in the month of October. I think we should use this opportunity to improve our system.”

The benchmark index Sensex tumbled nearly a quarter in October as foreign funds sold a net $4 billion in Indian shares.

The index is down 56 per cent so far in 2008, making it one of the worst Asian performers. And foreign funds have sold a net $13.5 billion in Indian stocks so far in 2008 compared with record inflows of $17.4 billion in 2007 that rounded off a five-year bull run.

“Lot of leverage is going out and equity is now going to people who have patience,” Bhave said.

source: Economictimes

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