Government of India appointed on 2 October 2013 a four member committee headed by Arvind Mayaram, Economic Affairs Secretary .The committee was set up to clear the ambiguity between Foreign Direct Investment (FDI) and Foreign Institutional Investment (FII).
The committee will look into the difference between them and it will also give definition of FDI and FII.
The other members of the committee were the Secretary of the Department of Industrial Policy and Promotion (DIPP), the Deputy Reserve Bank of India Governor and a whole time member of market regulator SEBI.
Finance Minister of India in his Budget speech (2013-14) proposed to follow the international practice with regard to definitions of FDI and FII. He also gave definition of FDI and FII. If anyone investing in a company 10 percent or less is considered as FII and above 10 percent is considered as FDI.