Foreign Institutional Investors & Custodians
No. IMD/FII & C/38/2009
March 13, 2009
All Foreign Institutional Investors
through their designated Custodians of Securities
Sub: FII investments in
Government of India reviewed the External Commercial Borrowing policy and
increased the cumulative debt investment limit by USD 9 billion (from USD
6 billion to USD 15 billion) for FII investments in Corporate Debt.
- As per
SEBI circular No. IMD/FII & C/37/2009 dated February 06, 2009 USD 8 billion shall be allocated to the FIIs/ sub-accounts in
an open bidding platform.
- The remaining
limit for investment in corporate debt shall be allocated among the FIIs/sub-accounts
on a ‘first come first served’ basis in terms of SEBI circular dated
January 31, 2008, subject to a ceiling of Rs.249 cr. per registered
- The debt requests in this regard shall be forwarded to
the dedicated email id email@example.com
. The window for first come first served process shall open at 23:59 PM
IST, March 17, 2009. Time period for
utilization of the allocated debt limit through first come first served
shall be 11 working days from the date of the allocation.
- A copy
of this circular is available at the web page “F.I.I.” on our website www.sebi.gov.in. The
custodians are requested to bring the contents of this circular to the notice
of their FII clients.