Ignorance to Inquisitiveness to Dismay Having started Quantum Advisors in 1990 as India’s first institutional research house aimed at encouraging Foreign Portfolio Investors to allocate capital to India, I can state with confidence that, in 36 years of interaction with FPIs, we have never seen such dismay and irritation with India. While the level of inquisitiveness as indicated in the number of registered FPIs has surged 24x from 500 to 12,000 in the past twenty-five years and the current value of investments by FPIs in listed stocks is US$ 800 billion, the feeling of dismay is widespread.