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July 2011

A.P. (DIR Series) Circular No. 67, dated 20-5-2011 — Forward cover for Foreign Institutional Investors — Rebooking of cancelled contracts.

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Presently, Foreign Institutional Investors (FII) are permitted to cancel and rebook up to 2% of the market value of the portfolio as at the beginning of the financial year.

This Circular has increased this limit from 2% to 10% with immediate effect. As a result, FII can now cancel and rebook up to 10% of the market value of the portfolio as at the beginning of the financial year.

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