SCHEDULE 05 - Purchase and sale of securities other than shares or convertible debentures of an Indian company by a person resident outside India. - [See Regulation 5 (4)] - FOREIGN EXCHANGE MANAGEMENT (TRANSFER OR ISSUE OF SECURITY BY A PERSON RESIDENT OUTSIDE INDIA) REGULATIONS, 2000

These rules have been superseded vide New Regulations New Regulations of 2017 SCHEDULE 5 [See Regulation 5 (4)] Purchase and sale of securities other than shares or convertible debentures of an Indian company by a person resident outside India. 9 [Permission to Foreign Institutional Investors for purchase of securities. (1) A registered Foreign Institutional Investor (FII) may [purchase the following securities on repatriation basis and subject to such terms and conditions as may be specified by the SEBI and the Reserve Bank from time to time]: (a) dated Government securities/treasury bills; (b) 60 [***] non-convertible debentures/bonds issued by an Indian company; (c) commercial papers issued by an Indian company; (d) units of domestic mutual funds; 68 [(e) Security Receipts (SRs) issued by Asset Reconstruction Companies up to 100 per cent of each tranche, subject to directions/guidelines of Reserve Bank of India ] (f) Perpetual Debt instruments eligible for inclusion as Tier I capital and Debt capital instruments as upper Tier II capital issued by banks in India to augment their capital (Tier I capital and Tier II capital as defined by Reserve Bank, and modified from time to time) 27 [provided that the investment by all eligible investors in Perpetual Debt instruments (Tier I)] shall not exceed an aggregate ceiling of 49 per cent of each issue, and investment by individual FII shall not exceed the limit of 10 per cent of each issue. 28 [***]; 61 [(g) ***] (h) with effect from November 3, 2011 non-convertible debentures/bonds issued by Non-Banking Finance Companies categorized as 'Infrastructure Finance Companies'(IFCs) by the Reserve Bank, 30 [***]; (i) with effect from November 22, 2011, Rupee denominated bonds/units issued by Infrastructure Debt Funds 31 [***] ; 62 [(j) ***] 36 [(k) credit enhanced bonds.] 39 .[(l) listed non-convertible/redeemable preference shares or debentures issued in terms of Regulation 7 (2) of these Regulations.] 57 [(m) security receipts issued by securitization companies subject to conditions as specified by Reserve Bank of India and/or Securities and Exchange Board of India] Provided that FIIs may offer such securities as permitted by the Reserve Bank from time to time as collateral to the recognized Stock Exchanges in India for their transactions in exchange traded derivative contracts as specified in sub-Regulation 6 of Regulation 5. ] 63 [ (n) securitised debt instruments, including (i) any certificate or instrument issued by a special purpose vehicle (SPV) set up for securitisation of asset/s with banks, FIs or NBFCs as originators; and/or (ii) any certificate or instrument issued and listed in terms of the SEBI Regulations on Public Offer and Listing of Securitised Debt Instruments, 2008. ] 11 [Permission for Qualified Foreign investors for purchase of securities 1A (i) A QFI may purchase on repatriation basis, subject to the terms and conditions stipulated by the SEBI and the Reserve Bank in this regard from time to time in the following rupee denominated units of: (a) equity schemes of SEBI registered domestic mutual funds, (b) debt scheme of SEBI registered domestic mutual funds which invest in infrastructure, (c) any scheme of SEBI registered domestic mutual funds that hold at least 25 per cent of their assets (either in debt or equity or both) in infrastructure. For the purpose of sub-clauses (b) and (c) above, 'infrastructure' shall mean infrastructure as defined in terms of the ECB guidelines. (ii) A QFI may purchase securities referred to in sub-clauses (a) to (c) above under the following routes, subject to the terms and conditions stipulated by SEEI and Reserve Bank in this regard, from time to time: (a) Direct Route- SEBI registered Qualified Depository Participant (QDP)-route; (b) Indirect Route - Unit Confirmation Receipt (UCR) route. ] 12 [ (iii) A QFI may: (a) purchase, on repatriation basis through SEBI registered Qualified Depository Participants (QDPs) (defined as per the extant SEBI regulations), listed non-convertible debentures, listed bonds of Indian companies and listed units of Mutual Fund Debt Schemes directly from the issuer or through a registered stock broker on a recognized stock exchange in India and sell through a registered stock broker on a recognized stock exchange in India or by way of buy-back or redemption by the issuer; (b) invest in primary issues of non-convertible debentures/bonds provided such non-convertible debentures/ bonds are committed to be listed within 15 days of such investment. In the event of such non-convertible debentures/bonds issued to the QFI not being listed within 15 days of issuance to the QFI for any reason, then the QFI shall immediately dispose of these non-convertible debentures/bonds either by way of sale to a third party or to the issuer and the terms of offer to QFI should contain a clause that the issuer of such debt securities shall immediately redeem/buy-back the said securities from the QFIs in such an eventuality. ] 13 [ (iv) A QFI which purchases securities under this Regulation shall open a single demat account with a Qualified Depository Participant in India. ] 32 [ (v) QFI may purchase, 49 [the following securities on repatriation basis through SEBI registered Qualified Depository Participant (QDP) and subject to such terms and conditions as may be specified by the SEBI and the Reserve Bank from time to time]; (a) dated Government securities/ treasury bills; (b) commercial papers issued by an Indian company ; (c) Security Receipts issued by Asset Reconstruction Companies provided that the total holding by an individual QFI in each tranche of scheme of Security Receipts shall not exceed 10 per cent of the issue and the total holdings of all eligible investors put together shall not exceed 49 per cent of the paid up value of each tranche of scheme of Security Receipts issued by the Asset Reconstruction Companies; (d) Perpetual Debt instruments eligible for inclusion as Tier I capital and Debt capital instruments as upper Tier II capital issued by banks in India to augment their capital (Tier I capital and Tier II capital as defined by Reserve Bank, and modified from time to time) provided that the investment by eligible investors in Perpetual Debt instruments (Tier I) shall not exceed an aggregate ceiling of 49 per cent of each issue, and investment by individual QFI shall not exceed the limit of 10 per cent of each issue; (e) listed and unlisted non-convertible debentures/bonds issued by an Indian company in the infrastructure sector, where infrastructure is defined in terms of the extant ECB guidelines; (f) non-convertible debentures / bonds issued by Non-Banking Finance Companies categorized as Infrastructure Finance Companies (IFCs) by the Reserve Bank; (g) Rupee denominated bonds/units issued by Infrastructure Debt Funds. ] 37 [ (h) credit enhanced bonds. ] 40. [ (i) listed non-convertible/redeemable preference shares or debentures issued in terms of Regulation 7 (2) of these Regulations. ] 14 [Permission to Other Non-Resident investors for purchase of securities 1B 33 [(i) Long term investors like Sovereign Wealth Funds (SWFs), Multilateral Agencies, Endowment Funds, Insurance Funds, Pension Funds which are registered with SEBI as eligible investors in Infrastructure Debt Funds may purchase on repatriation basis Rupee Denominated bonds/units issued by Infrastructure Debt Funds.] 15 [ (ii) Long term investors like Sovereign Wealth Funds (SWFs), Multilateral Agencies, Endowment Funds, Insurance Funds, Pension Funds and Foreign Central Banks registered with SEBI may purchase, on repatriation basis, 24 [dated Government Securities, subject to the terms and conditions and the limits as stipulated by the Reserve Bank and SEBI from time to time.]. ] 34 [ (iii) Long term investors like Sovereign Wealth Funds (SWFs), Multilateral Agencies, Endowment Funds, Insurance Funds and Pension Funds and Foreign Central Banks registered with SEBI may purchase, 50 [the following securities on repatriation basis and subject to such terms and conditions as may be specified by the SEBI and the Reserve Bank from time to time]: (a) dated Government securities/ treasury bills; (b) commercial papers issued by an Indian company ; (c) units of domestic mutual funds; (d) listed non-convertible debentures/bonds issued by an Indian company; (e) listed and unlisted non-convertible debentures/bonds issued by an Indian company in the infrastructure sector, where infrastructure is defined in terms of the extant ECB guidelines; (f) non-convertible debentures/bonds issued by Non-Banking Finance Companies categorized as Infrastructure Finance Companies (IFCs) by the Reserve Bank ; 69 [(g) Security Receipts (SRs) issued by Asset Reconstruction Companies up to 100 per cent of each tranche, subject to directions/guidelines of Reserve Bank of India ] (h) Perpetual Debt instruments eligible for inclusion as Tier I capital and Debt capital instruments as upper Tier II capital issued by banks in India to augment their capital (Tier I capital and Tier II capital as defined by Reserve Bank, and modified from time to time) provided that the investment by all eligible investors in Perpetual Debt instruments (Tier I) shall not exceed an aggregate ceiling of 49 per cent of each issue, and investment by individual long term investor shall not exceed the limit of 10 per cent of each issue; (i) primary issues of non-convertible debentures / bonds provided such non-convertible debentures / bonds are committed to be listed within 15 days of such investment. In the event of such non-convertible debentures / bonds issued not being listed within 15 days of issuance, for any reason, then the long term investor shall immediately dispose of those non-convertible debentures / bonds either by way of sale to a third party or to the issuer and the terms of offer to long term investors should contain a clause that the issuer of such debt securities shall immediately redeem / buyback those securities from the long term investors in such an eventuality. ]] 38 [ (j) credit enhanced bonds. ] 41 [ (k) listed non-convertible/redeemable preference shares or debentures issued in terms of Regulation 7 (2) of these Regulations. ] 58 [ (l) security receipts issued by securitization companies subject to conditions as specified by Reserve Bank of India and/or Securities and Exchange Board of India. ] 42. [1C Permission to registered Foreign Portfolio Investors (RFPI) for purchase of securities (1) A registered Foreign Portfolio Investor (RFPI) may purchase, on repatriation basis, either directly from the issuer of such securities or through a registered stock broker on a recognized Stock Exchange in India the following securities, subject to the terms and conditions as specified by the SEBI and the Reserve Bank from time to time: (a) dated Government securities/treasury bills; (b) 64 [***] non-convertible debentures/bonds issued by an Indian company;(c) commercial papers issued by an Indian company; (d) units of domestic mutual funds; 70 [(e) Security Receipts (SRs) issued by Asset Reconstruction Companies up to 100 per cent of each tranche, subject to directions/guidelines of Reserve Bank of India ] (f) Perpetual Debt instruments eligible for inclusion as Tier I capital and Debt capital instruments as upper Tier II capital issued by banks in India to augment their capital (Tier I capital and Tier II capital as defined by Reserve Bank and modified from time to time) provided that the investment by all eligible investors in Perpetual Debt instruments (Tier I) shall not exceed an aggregate ceiling of 49 per cent of each issue and investment by individual RFPI shall not exceed the limit of 10 per cent of each issue; 65 [(g) ***] (h) non-convertible debentures/bonds issued by Non-Banking Financial Companies categorized as Infrastructure Finance Companies (IFCs) by the Reserve Bank; (i) Rupee denominated bonds/ units issued by Infrastructure Debt Funds; 66 [(j) ***] (k) credit enhanced bonds. 43 [ (l) listed non-convertible/redeemable preference shares or debentures issued in terms of Regulation 7 (2)of these Regulations. ] 59 [ (m) security receipts issued by securitization companies subject to conditions as specified by Reserve Bank of India and/or Securities and Exchange Board of India. ] Provided that RFPIs may offer such securities as permitted by the Reserve Bank from time to time as collateral to the recognized Stock Exchanges in India for their transactions in exchange traded derivative contracts as specified in sub-Regulation 6A of Regulation 5. ] 67 [ (n) securitised debt instruments, including (i) any certificate or instrument issued by a special purpose vehicle (SPV) set up for securitisation of asset/s with banks, FIs or NBFCs as originators; and/or (ii) any certificate or instrument issued and listed in terms of the SEBI Regulations on Public Offer and Listing of Securitised Debt Instruments, 2008. ] 2. Permission to Non-resident Indian [***] for purchase of securities 7 [1A. A Non-resident Indian may, without limit, purchase on repatriation basis, (i) Government dated securities (other than bearer securities) or treasury bills or units of domestic mutual funds; (ii) bonds issued by a public sector undertaking (PSU) in India; (iii) shares in Public Sector Enterprises being disinvested by the Government of India, provided the purchase is in accordance with the terms and conditions stipulated in the notice inviting bids. 35 [(iv) bonds / units issued by Infrastructure Debt Funds.]] 44 [(v) listed non-convertible/redeemable preference shares or debentures issued in terms of Regulation 7 (2) of these Regulations.] 1B. A Non-resident Indian may purchase on repatriation basis perpetual debt instruments eligible for inclusion as Tier I capital and Debt capital instruments as upper Tier II capital issued by banks in India to augment their capital, as stipulated by Reserve Bank from time to time. The investments by all NRIs in Perpetual Debt instruments (Tier I) should not exceed an aggregate ceiling of 24 per cent of each issue and investments by a single NRI should not exceed 5 percent of each issue. Investment by NRIs in Debt capital instruments (Tier II) shall be in accordance with the extant policy for investment by NRIs in other debt instruments. ' (2.) A Non-resident Indian may, without limit, purchase on non-repatriation basis, dated Government securities (other than bearer securities), treasury bills, units of domestic mutual funds, units of Money Market Mutual Funds in India, or National Plan/Savings Certificates.] 45 [A Non-resident Indian may, without limit, purchase on non-repatriation basis, listed non-convertible/redeemable preference shares or debentures issued in terms of Regulation 7 (2) of these Regulations. ] 56 [(2A) A non-resident Indian who subscribes to the National Pension System, under sub-paragraph (3) of paragraph (2) of this Schedule shall make payment either by inward remittance through normal banking channels or out of funds held in his NRE/FCNR/NRO account.] 5 ( 52 [2B]). A person resident outside India, being central bank of any country under the law for the time being in force in that country, may purchase and sell dated Government securities / treasury bills subject to the conditions as may be stipulated by Reserve Bank from time to time 54 [(3) A Non- Resident Indian may subscribe to National Pension System governed and administered by Pension Fund Regulatory and Development Authority (PFRDA), provided such subscriptions are made through normal banking channels and the person is eligible to invest as per the provisions of the PFRDA Act. The annuity/accumulated saving will be repatriable.] 53 [ 55 [(4)] A Non-resident Indian may, without limit and on non-repatriation basis, subscribe to the chit funds authorised by the Registrar of Chits or an officer authorised by the State Government in this behalf, provided such subscriptions are made through normal banking channels.] 4 2A. Permission to Foreign Central Banks for purchase of Government Securities- A Foreign Central Bank may purchase and sell dated Government securities/treasury bills in the secondary market - subject to the conditions as may be stipulated by the Reserve Bank from time to time. 3. Method of payment of purchase consideration (1.) A registered Foreign Institutional Investor who purchases securities under the provisions of this Schedule shall make the payment for purchase of such securities either by inward remittance through normal banking channels or out of funds held in Foreign Currency Account or Non-resident Rupee Account maintained by the Foreign Institutional Investor with a designated branch of an authorised dealer with the approval of Reserve Bank in terms of paragraph 2 of Schedule 2. 46 [(1A) A RFPI who purchases securities under the provisions of this Schedule shall make the payment for purchase of such securities either by inward remittance through normal banking channels or out of funds held in Foreign Currency Account or Special Non-resident Rupee Account maintained by the RFPI with a designated branch of an authorised dealer in terms of paragraph 2 of Schedule 2A.] (2.) A Non-resident Indian who purchases securities on repatriation basis, under sub-paragraph (1) of paragraph 2 of this Schedule, shall make payment either by inward remittance through normal banking channels or out of funds held in his/its NRE/FCNR account. (3.) A Non-resident Indian who purchases securities on non-repatriation basis, under sub-paragraph (2) of paragraph 2 of this Schedule, shall make payment either by inward remittance through normal banking channels or out of funds held in his/its NRE/FCNR/NRO/NRSR/NRNR account. 1 (4.) A Multilateral Development Bank which purchases Government dated securities under this Schedule, shall make payment either by inward remittance through normal banking channels or out of funds held in the account opened with the specific approval of RBI. 16 [(5) A QFI who purchases securities under this Schedule (other than by way of Indirect Route) shall make payment out of funds held in a single non-interest bearing Rupee Account maintained with an AD bank in terms of the Foreign Exchange Management (Deposit) Regulations, 2000, as amended from time to time] 4. Permission for Sale of Securities A person resident outside India who has purchased securities in accordance with this Schedule 51 [may sell/ redeem the securities subject to such terms and conditions as may be specified by the SEBI and the Reserve Bank from time to time]. 5. Remittance/credit of sale/maturity proceeds (i.) In the case of a registered Foreign Institutional Investor who has sold securities in accordance with paragraph 4, the designated branch of an authorised dealer referred to in sub-paragraph (1) of paragraph 3 may allow remittance of net sale/ maturity proceeds (after payment of taxes) or credit the net amount of sale/ maturity proceeds of such securities to the foreign currency account or Non-resident Rupee Account of the FII investor maintained in accordance with the provisions of paragraph 2 of Schedule 2. 47 [(ia) In the case of a RFPI who has sold securities in accordance with paragraph 4, the designated branch of an authorised dealer referred to in sub-paragraph (1A) of paragraph 3 may allow remittance of net sale/ maturity proceeds (after payment of taxes) or credit the net amount of sale/ maturity proceeds of such securities to the Foreign Currency Account or Special Non-resident Rupee Account of the RFPI maintained in accordance with the provisions of paragraph 2 of Schedule 2A. ] (ii.) In the case of a Non-resident Indian who has sold securities in accordance with paragraph 4, the net sale/ maturity proceeds (after payment of taxes) of such securities, may be (a) credited only to NRSR account of the NRI investor where the payment for purchase of securities sold was made out of funds held in NRSR account, or (b) credited, at the NRI investor's option, to his/its NRO or NRSR account, where the payment for the purchase of the securities sold was made out of funds held in NRO account, or (c) remitted abroad or at the NRI investor's option, credited to his/its NRE/FCNR /NRO/NRSR/NRNR account, where the securities were purchased on repatriation basis in accordance with sub-paragraph (1) of paragraph 2 and the payment for purchase of the securities sold was made by inward remittance through normal banking channels or out of funds held in NRE/FCNR account. 1 (iii) in the case of sale of Government dated securities by a Multilateral Development Bank, the net maturity proceeds (after payment of taxes) may be remitted abroad or credited to fund account opened with the prior permission of the Reserve Bank. *************************** Notes : 1. Has been inserted vide Notification No. 106/2003 dated 27/10/2003 2. For the words non-convertible debentures/bonds , the words listed non-convertible debentures/ bonds, commercial papers , has been substituted vide Notification No. 145/2006 dated 6/1/2006 3. Has been substituted vide Notification No. 149/2006-RB dated 9/6/2006 , before it was read as, 1. Permission to Foreign Institutional Investors for purchase of securities A registered Foreign Institutional Investor may purchase, on repatriation basis, dated Government securities/treasury bills, non-convertible debentures/bonds issued by an Indian company and units of domestic mutual funds either directly from the issuer of such securities or through a registered stock broker on a recognised stock exchange in India; Provided that i) the FII shall restrict allocation of its total investment between equity and debt instruments (including dated Government Securities and Treasury Bills in the Indian capital market) in the ratio of 70:30, and ii) if the FII desires to invest upto 100 per cent in dated Government Securities including Treasury Bills, non-convertible debentures/bonds issued by an Indian company, it shall form a 100% debt fund and get such fund registered with SEBI. 4. Paragraph 2A Has been inserted vide Notification No. 166/2007 dated 17/10/2007 5. Paragraph 2A inserted vide notification no. 153 dated 31-5-2007 6. Has been substituted vide Notification No. 179/2008 dated 22/08/2008 , before substitution it was read as under, 1. Permission to Foreign Institutional Investors for purchase of securities 3 A registered Foreign Institutional Investor may purchase, on repatriation basis, dated Government securities / treasury bills, non-convertible debentures / bonds issued by an Indian company, units of domestic mutual funds and Security Receipts issued by Asset Reconstruction Companies either directly from the issuer of such securities or through a registered stock broker on a recognised stock exchange in India : Provided that (i) the FII shall restrict allocation of its total investment between equity and debt instruments (including dated Government Securities and Treasury Bills in the Indian capital market) in the ratio of 70:30, and (ii) if the FII desires to invest upto 100% in dated Government Securities including Treasury Bills, non-convertible debentures / bonds issued by an Indian company, it shall form a 100% debt fund and get such fund registered with SEBI. (iii) the total holding by a single FII in each tranche of scheme of Security Receipts shall not exceed 10% of the issue and the total holdings of all FIIs put together shall not exceed 49% of the paid up value of each tranche of scheme of Security receipts issued by the Asset Reconstruction Companies. 7. Has been substituted vide Notification No. 179/2008 dated 22/08/2008 , w.e.f. 25-1-2006, before substitution it was read as under, (1.) A Non-resident Indian may, without limit, purchase on repatriation basis, (i) Government dated securities (other than bearer securities) or treasury bills or units of domestic mutual funds; (ii) bonds issued by a public sector undertaking(PSU) in India; (iii) shares in Public Sector Enterprises being dis-invested by the Government of India, provided the purchase is in accordance with the terms and conditions stipulated in the notice inviting bids. 8. Existing provisos (i) and (ii) deleted and provisos (iii) and (iv) renumbered as (i) and (ii), vide notification no. 202/2009 RB dated 10-11-2009 , before amendment, it was read as, (i) the FII shall restrict allocation of its total investment between equity and debt instruments (including dated Government Securities and Treasury Bills in the Indian capital market) in the ratio of 70:30; (ii) if the FII desires to invest up to 100 per cent in dated Government Securities including Treasury Bills, listed nonconvertible debentures/ bonds issued by an Indian company, it shall form a 100% debt fund and get such fund registered with SEBI; (iii) The total holding by, a single FII in each tranche of scheme of Security Receipts shall not exceed 10 per cent of the issue and the total holdings of all FIIs put together shall not exceed 49 percent of the paid up value of each tranche of scheme of Security Receipts issued by the Asset Reconstruction Companies; and (iv) The investment by all FIIs in Perpetual Debt instruments (Tier I) should not exceed an aggregate ceiling of 49 per cent of each issue, and investment by individual FII should not exceed the limit of 10 per cent of each issue. The investment by FIIs in Debt capital instruments (Tier II) shall be within the limits stipulated by SEBI for Fit investment in corporate debt. 9. Substituted vide Notification No. FEMA. 242/2012-RB Dated 19-10-2012 before it was read as, 6 [ 1. Permission to Foreign Institutional Investors for purchase of securities- A registered, Foreign Institutional. Investor may purchase on repatriation basis, dated Government securities/treasury bills, listed non-convertible. debentures/bonds; commercial paper issued by an Indian company and units of domestic mutual funds, Security Receipts issued by Asset Reconstruction Companies and Perpetual Debt instruments eligible for inclusion as Tier I capital and Debt capital instruments as upper Tier II capital issued banks in India to augment their capital (the definitions of Tier I capital and Tier, II capital Will be the same as clarified by Reserve Bank, Department of Banking Operations and Development and modified from time to time); subject to the limits prescribed by RBI and SEBI from time to time; either direct from the issuer of such securities or through a registered stock broker on a recognised Stock Exchange in India: Provided that; 8 [(i) The total holding by, a single FII in each tranche of scheme of Security Receipts shall not exceed 10 per cent of the issue and the total holdings of all FIIs put together shall not exceed 49 percent of the paid up value of each tranche of scheme of Security Receipts issued by the Asset Reconstruction Companies; and (ii) The investment by all FIIs in Perpetual Debt instruments (Tier I) should not exceed an aggregate ceiling of 49 per cent of each issue, and investment by individual FII should not exceed the limit of 10 per cent of each issue. The investment by FIIs in Debt capital instruments (Tier II) shall be within the limits stipulated by SEBI for Fit investment in corporate debt.] Provided further that FIIs may offer such securities as permitted by the Reserve Bank from time to time as collateral to the recognized Stock Exchanges in India for their transactions in exchange traded derivative contracts as specified in sub-Regulation 6.] 10. Inserted vide Notification No. FEMA. 242/2012-RB Dated 19-10-2012 w.e.f. 22nd day of November 2011 11. I nserted vide Notification No. FEMA. 242/2012-RB Dated 19-10-2012 w.e.f. 9th day of August 2011. 12. I nserted vide Notification No. FEMA. 242/2012-RB Dated 19-10-2012 w.e.f. 16th day of July 2012. 13. I nserted vide Notification No. FEMA. 242/2012-RB Dated 19-10-2012 w.e.f. 9th day of August 2011. 14. I nserted vide Notification No. FEMA. 242/2012-RB Dated 19-10-2012 w.e.f. 22nd day of November 2011. 15. I nserted vide Notification No. FEMA. 242/2012-RB Dated 19-10-2012 w.e.f. 25th day of June 2012. 16. I nserted vide Notification No. FEMA. 242/2012-RB Dated 19-10-2012 w.e.f. 9th day of August 2011. 17. Substituted vide Notification No. FEMA. 254/2013-RB January 17, 2013 , before it was read as, (e) Security Receipts issued by Asset Reconstruction Companies provided that the total holding by a single FII in each tranche of scheme of Security Receipts shall not exceed 10 per cent of the issue and the total holdings of all FIIs put together shall not exceed 49 per cent of the paid up value of each tranche of scheme of Security Receipts issued by the Asset Reconstruction Companies; 18. Omitted vide Notification No. FEMA. 255/2013-RB dated January 19, 2013 before it was read as, and lock-in period 19. Omitted vide Notification No. FEMA. 255/2013-RB dated January 19, 2013 before it was read as, and lock-in period 20. Omitted vide Notification No. FEMA. 255/2013-RB dated January 19, 2013 before it was read as, lock-in period and 21. Omitted vide Notification No. FEMA. 255/2013-RB dated January 19, 2013 before it was read as, provided that the FIIs may trade such bonds / units amongst the eligible non-resident investors for Infrastructure Debt Funds within the lock-in period 22. Omitted vide Notification No. FEMA. 255/2013-RB dated January 19, 2013 before it was read as, lock-in period and . 23. Omitted vide Notification No. FEMA. 255/2013-RB dated January 19, 2013 before it was read as, provided that aforementioned investors may trade such bonds / units amongst the eligible non-resident investors for Infrastructure Debt Funds within the lock-in period . 24. Substituted vide Notification No. FEMA. 255/2013-RB dated January 19, 2013 before it was read as, dated Government securities subject to the terms and conditions as stipulated by the SEBI and Reserve Bank from time to time. 25. A dded vide Notification No. FEMA. 255/2013-RB dated January 19, 2013 26. Substituted vide Notification No. FEMA. 272/2013-RB dated March 26, 2013 Before it was read as, the total holding of all FIIs put together 27 . Substituted vide Notification No. FEMA. 272/2013-RB dated March 26, 2013 Before it was read as, provided that the investment by all FIIs in Perpetual Debt instruments (Tier I) 28. Deleted vide Notification No. FEMA. 272/2013-RB dated March 26, 2013 Before it was read as, The investment by FIIs in Debt capital instruments (Tier II) shall be within the limits stipulated by SEBI for FII investment in corporate debt 29. Deleted vide Notification No. FEMA. 272/2013-RB dated March 26, 2013 Before it was read as, subject to residual maturity 18 [***] as stipulated by Reserve Bank from time to time 30 . Deleted vide Notification No. FEMA. 272/2013-RB dated March 26, 2013 Before it was read as, subject to residual maturity 19 [***] as stipulated by the SEBI and the Reserve Bank from time to time 31. Deleted vide Notification No. FEMA. 272/2013-RB dated March 26, 2013 Before it was read as, subject to 20 [***] residual maturity as stipulated by the Reserve Bank and SEBI from time to time, 21 [***] . 32. Inserted vide Notification No. FEMA. 272/2013-RB dated March 26, 2013 33. Substituted vide Notification No. FEMA. 272/2013-RB dated March 26, 2013 Before it was read as, (i) Long term investors like Sovereign Wealth Funds (SWFs), Multilateral Agencies, Endowment Funds, Insurance Funds, Pension Funds and High Networth Individuals which are registered with SEBI as eligible non-resident investors in Infrastructure Debt Funds may purchase on repatriation basis Rupee denominated bonds/units issued by Infrastructure Debt Funds subject to 22 [***] residual maturity as stipulated by the Reserve Bank and SEBI from time to time 23 [***] ] 34. Substituted vide Notification No. FEMA. 272/2013-RB dated March 26, 2013 Before it was read as, 25 [ (iii) Long term investors like Sovereign Wealth Funds (SWFs), Multilateral Agencies, Endowment Funds, Insurance Funds and Pension Funds registered with SEBI as eligible non-resident investors in Infrastructure Debt Funds may purchase Rupee denominated corporate bonds on repatriation basis within the limits as stipulated by the Reserve Bank and SEBI from time to time. In addition, Foreign Central Banks may purchase rupee denominated corporate bonds on repatriation basis within the limits from the date of this Notification. 35. Substituted vide Notification No. FEMA. 272/2013-RB dated March 26, 2013 Before it was read as, 10 [(iv) bonds/units issued by Infrastructure Debt Funds, subject to sock-in period and residual maturity as stipulated by the Reserve Bank and SEBI from time to time, provided that a Non-Resident Indian may trade such bonds/units amongst the eligible non-resident investors for Infrastructure Debt Funds within the lock-in period. 36. Inserted vide NOTIFICATION No. 289/2013-RB dated 4 th October, 2013 37. Inserted vide NOTIFICATION No. 289/2013-RB dated 4 th October, 2013 38. Inserted vide NOTIFICATION No. 289/2013-RB dated 4 th October, 2013 39. Inserted vide Notification No.FEMA. 304/2014-RB. May 22, 2014 40. Inserted vide Notification No.FEMA. 304/2014-RB. May 22, 2014 41. Inserted vide Notification No.FEMA. 304/2014-RB. May 22, 2014 42. Inserted vide Notification No. FEMA. 297/2014-RB dated March 13, 2014 43. Inserted vide Notification No.FEMA. 304/2014-RB. May 22, 2014 44. Inserted vide Notification No.FEMA. 304/2014-RB. May 22, 2014 45. Inserted vide Notification No.FEMA. 304/2014-RB. May 22, 2014 46. Inserted vide Notification No. FEMA. 297/2014-RB dated March 13, 2014 47. Inserted vide Notification No. FEMA. 297/2014-RB dated March 13, 2014 48. Substituted vide NOTIFICATION No. FEMA-313/2014-RB, dated 2nd July, 2014 , before it was read as, purchase, on repatriation basis, either directly from the issuer of such securities or through a registered stock broker on a recognized Stock Exchange in India the following securities, subject to the terms and conditions as specified by the SEBI and the Reserve Bank from time to time 49. Substituted vide NOTIFICATION No. FEMA-313/2014-RB, dated 2nd July, 2014 , before it was read as, on repatriation basis through SEBI registered Qualified Depository Participant (QDP), either directly from the issuer or through a registered broker on recognized Stock Exchange in India the following securities, subject to terms and condition as specified by the SEBI and the Reserve Bank from time to time . 50. Substituted vide NOTIFICATION No. FEMA-313/2014-RB, dated 2nd July, 2014 , before it was read as, on repatriation basis, either directly from the issuer of such securities or through registered stock broker on a recognised Stock Exchange in India, the following securities, subject to the terms and conditions as specified by the SEBI and the Reserve Bank from time to time, namely . 51. Substituted vide NOTIFICATION No. FEMA-313/2014-RB, dated 2nd July, 2014 , before it was read as, may sell (a) such securities through a registered stock broker on a recognised stock exchange or (b) tender units of mutual funds to the issuer for repurchase or for payment of maturity proceeds or (c) tender Government securities/treasury bills to the Reserve Bank for payment of maturity proceeds 52. Renumbered as 2B vide Not.338/2015-RB - Dated 2-3-2015 , earlier it was 2A 53. Inserted vide Not.338/2015-RB - Dated 2-3-2015 54. Inserted vide Not. 353/2015-RB - Dated 6-10-2015. 55. Renumbered vide Not. 353/2015-RB - Dated 6-10-2015, before it was read as , (3) 56. Inserted vide Not. 353/2015-RB - Dated 6-10-2015. 57. Inserted vide Not. 360/2015-RB - Dated 17-12-2015 58. Inserted vide Not. 360/2015-RB - Dated 17-12-2015 59. Inserted vide Not. 360/2015-RB - Dated 17-12-2015 60. Deleted vide Not.374/2016-RB - Dated 24-10-2016 , before it was read as, listed 61. Deleted vide Not.374/2016-RB - Dated 24-10-2016 , before it was read as, (g) with effect from April 29, 2011 listed and unlisted non-convertible debentures/bonds issued by an Indian company in the infrastructure sector, where 'infrastructure' is defined in terms of the extant ECB guidelines, 29 [***]; 62. Deleted vide Not.374/2016-RB - Dated 24-10-2016 , before it was read as, (j) with effect from March 1, 2012, primary issues of non-convertible debentures/bonds provided such non-convertible debentures/bonds are committed to be listed within 15 days of such investment. In the event of such non-convertible debentures/bonds issued not being listed within 15 days of issuance, for any reason, then the FII shall immediately dispose of those non-convertible debentures/bonds either by way of sale to a third party or to the issuer and the terms of offer to FIIs should contain a clause that the issuer of such debt securities shall immediately redeem/buyback those securities from the FIIs in such an eventuality: 63. Inserted vide Not.374/2016-RB - Dated 24-10-2016 64. Deleted vide Not.374/2016-RB - Dated 24-10-2016 , before it was read as, listed 65. Deleted vide Not.374/2016-RB - Dated 24-10-2016 , before it was read as, (g) listed and unlisted non-convertible debentures/bonds issued by an Indian company in the infrastructure sector, where infrastructure is defined in terms of the extant ECB guidelines; 66. Deleted vide Not.374/2016-RB - Dated 24-10-2016 , before it was read as, (j) primary issues of non-convertible debentures/ bonds provided such non-convertible debentures/ bonds are committed to be listed within 15 days of such investment. In the event of such non-convertible debentures/ bonds issued not being listed within 15 days of issuance, for any reason, then the RFPI shall immediately dispose of those non-convertible debentures/ bonds either by way of sale to a third party or to the issuer and the terms of offer to RFPIs should contain a clause that the issuer of such debt securities shall immediately redeem / buyback those securities from the RFPIs in such an eventuality; 67. Inserted vide Not.374/2016-RB - Dated 24-10-2016 68. Substituted vide Not.372/2016-RB - Dated 27-10-2016 , before it was read as, 17 [(e) Security Receipts issued by Asset Reconstruction Companies provided that 26 [the total holding of all eligible investors put together] shall not exceed 74% of the paid up value of each tranche of scheme of Security Receipts issued by the Asset Reconstruction Companies; ] 69. Substituted vide Not.372/2016-RB - Dated 27-10-2016 , before it was read as, (g) Security Receipts issued by Asset Reconstruction Companies provided that the total holding by an individual long term investor in each tranche of scheme of Security Receipts shall not exceed 10 per cent of the issue and the total holdings of all eligible investors put together shall not exceed 49 per cent of the paid up value of each tranche of scheme of Security Receipts issued by the Asset Reconstruction Companies; 70. Substituted vide Not.372/2016-RB - Dated 27-10-2016 , before it was read as, (e) Security Receipts issued by Asset Reconstruction Companies provided that the total holdings of all eligible investors put together shall not exceed 74% of the paid up value of each tranche of scheme of Security Receipts issued by the Asset Reconstruction Companies;