Financial Daily from THE HINDU group of publications
Wednesday, Dec 01, 2004
Financial Daily from THE HINDU group of publications Wednesday, Dec 01, 2004 |
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Markets
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Foreign Institutional Investors Corporate - Corporate Bonds SEBI clarifies on FII limit in corporate debt Our Bureau
Mumbai , Nov. 30 THE Securities & Exchange Board of India (SEBI) clarified that investment in corporate debt is not included in the overall limit of $1.75 billion. The Government had announced in the last budget that overseas portfolio investments in Indian debt would be allowed up to $1.75 billion, as against the earlier limit of $1 billion. It has now been clarified by the Ministry of Finance, that the cap of $1.75 billion will be applicable to the FIIs investment in dated Government securities and treasury bills only, both under 100 per cent debt route and general 70:30 route. Thus, investment in securities other than dated Government securities and t-bills, i.e. corporate debt, would not be reckoned within the sub ceiling of $1.75 billion, said a SEBI circular. Therefore, investments by the FIIs or their sub accounts through 100 per cent debt route in dated Government securities and treasury bills only will be reckoned for the purpose of monitoring of individual limits allocated to them.
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