ET Intelligence Group: If you blame tax havens for the softening of stocks, you won’t be far from the truth. Funds based in Mauritius or Luxembourg have moved out of Mumbai much faster than those in more regulated geographies such as the US, UK, Japan or Canada since October. The combined share of the Big Four regulated markets in total FPI equity under management rose to 50% in May 2022, a multi-year high. In contrast, data