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Sep 30, 2022

Relaxations in Investments by FPIs in Debt

The Reserve Bank of India (“RBI”) by way of A.P. (DIR Series) Circular No.07 dated July 07, 2022 has relaxed certain provisions with respect to investments by foreign portfolio investors (‘FPIs’) in debt. In terms of the existing regulations with respect to investment by FPIs in debt, short-term investments by an FPI in Government securities (Central Government securities, including Treasury Bills and State Development Loans) and corporate bonds must not exceed 30% of the total investment of that FPI in any category. Further, FPI investments in corporate bonds were subject to a minimum residual maturity requirement of one year.

It has now been decided that (i) investments made by FPIs in Government securities and corporate bonds during the period from July 08, 2022 and October 31, 2022 (both days inclusive) will not be counted towards the limit on short-term investments till the maturity or sale of such securities and (ii) FPIs can make investments in commercial papers and non-convertible debentures with an original maturity of up to one year during the period from July 08, 2022 and October 31, 2022 (both days inclusive) and such investments will not be counted towards the limit on short-term investments till the maturity or sale of such investments.

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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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