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October 2014

A. P. (DIR Series) Circular No. 28 dated 8th September, 2014

By Gaurang Gandhi Chartered Accountant

Reading Time 1 mins

Risk Management and Inter Bank Dealings: Hedging Facilities for Foreign Portfolio Investors (FPIs)

Presently, FPI are permitted to hedge their currency risk on the market value of entire investment in equity and/or debt in India as on a particular date.

This circular permits FPI, holding securities under the Portfolio Investment Scheme (PIS) in terms of schedules 2, 2A, 5, and 8 of the Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2000 (Notification No. FEMA 20 /2000-RB dated 3rd May 2000), to now hedge the coupon receipts arising out of their investments in debt securities in India falling due during the next 12 months. The hedge contracts cannot be rebooked on cancellation, but they can be rolled over on maturity if the relative coupon amount is still to be received.

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