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JC - Insights - Foreign Portfolio Investors. The India revolution?


25 May 2016

Foreign Portfolio Investors. The India revolution?

In the past two years considerable developments have taken place on the Foreign Portfolio Investors (“FPI”) front. There have been changes to the norms governing FPIs that have impacted the permitted investments by them in India. Both Securities and Exchange Board of India (“SEBI”) and the Reserve Bank of India (“RBI”) have been making joint efforts to develop this market in India.

Offshore Derivative Instruments (“ODI”) and Participatory Notes (“P-Notes”) market, being entirely offshore, the regulations have been amended keeping in mind the impact that these products may create on Indian securities markets. SEBI has issued circulars, to align the eligibility criteria of ODI subscribers with the eligibility criteria under Regulation 4 (Eligibility criteria for FPIs) of the SEBI (Foreign Portfolio Investors) Regulations, 2014 (“FPI Regulations”).

In terms of tenor also, investments by FPIs can be made in instruments having a minimum residual maturity of 3 years.

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