Through its circular dated 16 October, SEBI notified three important relaxations in the foreign institutional investor (FII) norms for investments in Indian securities: 1) The cumulative debt investment limit for FII investments in corporate debt have been increased from US$3 billion to US$6 billion; 2) The enhanced limit for investments in corporate debt will be allocated among FIIs on a first come first served basis, in terms of the SEBI circular dated 31 January, subject to a ceiling of US$300 million per registered entity; and 3) The 70:30 ratio of investment in equity and debt respectively, has been eliminated with immediate effect.
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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm that provides legal and tax counselling. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.
