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Individual Investors : Both resident and non-resident Indians (NRIs) can invest in tobacco stocks through personal trading accounts. Institutional Investors : Entities such as mutual funds, pension funds, and insurance companies may include tobacco stocks in their portfolios, depending on their investment mandates. Foreign Institutional Investors (FIIs) : Subject to regulatory approvals and adherence to foreign investment limits, FIIs can invest in Indian tobacco companies. Is Investing in Tobacco Stocks Risky