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Billionaire financier George Soros is in late stage talks to buy a four percent stake in the Bombay Stock Exchange, as foreign interest in India's financial markets grows.
Citing a person involved in the negotiations, the Financial Times said Soros Fund Management plans to buy the stake from Dubai Holding for about 40 million US dollars. Soros's entry into the bourse comes amid signs of a rift between the Bombay Stock Exchange and the Singapore Stock Exchange.
Under Indian regulations, the overseas funds can't take more than a 5 percent stake in local Bourses.