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This circular clarifies that, with immediate effect, in case of investment by Foreign Portfolio Investors (FPI): –
1. All future investments within the limit for investment in corporate bonds will have to be in corporate bonds with a minimum residual maturity of three years.
2. All future investments against the limits vacated when the current investment runs off either through sale or redemption, will have to be in corporate bonds with a minimum residual maturity of three years.
3. No further investment can be made in liquid and money market mutual fund schemes.
4. There will be no lock-in period and FPI can sell the securities (including those that are presently held with less than three years residual maturity) to domestic investors.
