The K.M. Chandrasekhar Committee on Rationalisation of Investment Routes and Monitoring of Foreign Portfolio Investments, in its draft guidelines released on June 12, 2013, suggested that the aggregate investment limit for FPIs should be 24 percent. The committee said that in view of the special nature of the investments from non-resident Indians (NRIs) and foreign venture capital investors (FVCIs), it was desirable to continue with these two classes for the present. NRIs will continue to have individual investment limit of 5 percent and aggregate investment limit of 10 percent. In the case of FVCI, the panel felt that a negative list could be announced by the centre so that the rest of the sectors were opened for VCF activity. Portfolio Investments are to be defined as investment by any single investor or investor group, which shall not exceed 10 percent of the equityof an Indian company. Any investment beyond this threshold shall be considered as foreign direct investment (FDI).