As prominent Indian-origin fund managers gathered in Mumbai to protest Securities and Exchange Board of India's ban on Indian foreign portfolio investor (FPI) managers, the Asset Managers Roundtable of India (AMRI) on Monday said that Sebi's circular is causing anxiety among the non-resident Indian community.

In an interview to CNBC-TV18, Nandita Agarwal Parker, managing partner, Karma Capital, said, "Even the Prime Minister has reached out and galvanised the NRI community globally and I want him to be aware of the repercussions of this circular on the global investment community and on the global NRI community."

According to her, there is lack of communication between government departments and industry problems were not properly heard.

Nishith Desai of Nishith Desai Associates said that fund managers are ready to disclose all information needed by the government as about $75 billion worth of funds will be impacted as result of April 10 order.

Earlier in 2014, Sebi has released norms that clubbed different categories of foreign investors into a new class called FPIs. They have been divided into three categories as per their risk profile and KYC (know your customer) requirements while other registration procedures have been made simpler.

They are granted permanent registration as against the earlier practice of approval granted for one or five years to overseas entities seeking to invest in the Indian markets. The registration remains permanent unless suspended or cancelled by Sebi or surrendered by an FPI.