New York-based hedge fund Renaissance Technologies Corporation, with assets worth $35.4 billion (Rs 1,41,600 crore), has received approval from the Securities and Exchange Board of India (Sebi) to operate in the Indian stock markets as a foreign institutional investor.
The designation allows the firm to participate directly in India’s financial markets.RenTech is the largest hedge fund to register in India since the new scheme was unveiled.
A hedge fund is a private investment fund that charges a performance fee and is typically open to only a limited range of qualified investors and require a very large initial minimum investment.
According to investopedia, You can think of hedge funds as mutual funds for the super rich. They are similar to mutual funds in that investments are pooled and professionally managed, but differ in that the fund has far more flexibility in its investment strategies.