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Power of AO to Grant Stay — Whether Discretionary or Controlled By the Instructions and Circulars
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January 2016

A. P. (DIR Series) Circular No. 31 dated 26th November, 2015

By Gaurang Gandhi

Reading Time 1 mins

Investment by Foreign Portfolio Investors (FPI) in Corporate Bonds

This circular permits FPI to acquire NCD / bonds, which are under default, either fully or partly, in the repayment of principal on maturity or principal installment in the case of amortising bond provided: –

1. The revised maturity period of such restructured NCD / bonds, is three years or more.

2. The FPI discloses to the Debenture Trustees the terms of their offer to the existing debenture holders / beneficial owners from whom they are acquiring the NCD / bonds.

3. The investment must be within the overall limit prescribed for corporate debt from time to time (currently Rs. 2,443.23 billion).

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January 2016

A. P. (DIR Series) Circular No. 31 dated 26th November, 2015

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January 2016

A. P. (DIR Series) Circular No. 31 dated 26th November, 2015

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