New Delhi, March 15 (IANS) A working group set up by the finance ministry to review foreign portfolio investment policy will submit its report in April, a finance ministry official said Monday.

The group headed by the chairman and managing director of UTI Mutual Fund, U.K. Sinha is expected to come out with a report in April. The group, constituted in November last year, was to complete its report by March 2010.

'The Sinha Committee report on FII (Foreign Institutional Investors) is expected next month,' Finance Secretary Ashok Chawla told reporters on the sidelines of a launch of online system for e-filing of the Foreign Investment Promotion Board (FIPB) applications.

The terms of reference of the working group include: review of the existing policy on foreign inflows; study of portfolio investment by Foreign Institutional Investors (FIIs) and NRIs, venture capital firms, private equity investors and recommend ways to remove policy hurdles.

The group is also expected to review the FII investments through Participatory Notes.

Sinha was also a member of the Ashok K. Lahiri Committee that submitted its report on liberalisation of FII in 2004.