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Jul 31, 2019

Investment by FPIs in Municipal Bonds

As a measure to broaden access to debt instruments in India for non-resident investors, RBI has, by its circular dated April 25, 2019, permitted FPIs to invest in municipal bonds (i.e. debt instruments issued by municipalities constituted under Article 243Q of the Constitution of India), which investment will be reckoned within the limits applicable for FPI investments in State development loans. The Securities and Exchange Board of India (‘SEBI’) has also, by its circular dated May 8, 2019, permitted FPIs to invest in municipal bonds.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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