The Forum of Free Enterprise is a non-political organization founded in 1956 by A. D. Shroff and has been established to educate public opinion in India on free enterprise and a democratic way of life. The Forum publishes booklets to further its objects. The following booklet titled “Foreign Institutional Investments in India” was published on November 14, 1992, and was authored by Kiran Nanda. The author begins by hailing the much-awaited Finance Ministry’s guidelines allowing Foreign Institutional Investors (FITs) to invest in the Indian capital market. She calls it a major step towards the internationalisation of the Indian capital market. She goes on to spell out the highlights of the guidelines which include FIIs being allowed to invest in all the securities traded on the primary and secondary markets and removal of restriction on the volume of investment for the purpose of entry of FIIs in the primary/secondary market among several others. She also draws a comparison between FIIs guidelines and the portfolio investment scheme for NRIs by calling the former slightly more liberal. Towards the end, she goes on to discuss the economic implications of the new guidelines on the stock market, corporate units, future interest rate policy etc.