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September 2013

A. P. (DIR Series) Circular No. 18 dated 1st August, 2013

By Gaurang Gandhi, Chartered Accountant

Reading Time 1 mins

Risk Management and Inter-Bank Dealings

This circular clarifies that an FII can enter into a hedge contract for the exposure relating to that part of the securities held by it against which it has issued any PN/ODI only if it has a mandate from the PN/ODI holder for the purpose.

Banks are expected to verify such mandates. However, in cases where this is difficult they must obtain a declaration from the FII:

a. Regarding the nature/structure of the PN/ODI establishing the need for a hedge operation; and

b. Such operations are being undertaken against specific mandates obtained from their clients.

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September 2013

A. P. (DIR Series) Circular No. 18 dated 1st August, 2013

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September 2013

A. P. (DIR Series) Circular No. 18 dated 1st August, 2013

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