The decision to allow foreigners to invest directly in the equity market will encourage long-term investment in the country and reduce dependence on Foreign Institutional Investro's money Department of Economic Affairs Secretary R Gopalan described the latest step as a way of creating an enabling environment for Qualified Foreign Investors, QFI's to come into the market and take part in equity.He was speaking to reporters in New Delhi on Monday. He further said the government is looking at ways to dispense with the need for PAN cards for investors investing money in the equity market, as required under the existing Know-Your-Customer (KYC) and regulatory norms.His comments come a day after the government announced its decision to allow QFIs to directly invest in the Indian equity market. The move comes in the backdrop of significant foreign capital outflows from the domestic equity market in recent times, which has resulted in rupee volatility.