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Investment by Foreign Portfolio Investors (FPI) in Government Securities

FEMA - 19 - Dated:- 6-10-2015 - RBI/2015-16/198 A.P. (DIR Series) Circular No 19 October 6, 2015 To, All Authorised Persons Madam/ Sir, Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No. FEMA.20/2000- RB dated May 3, 2000, as amended from time to time. The limits for were last increased to USD 30 billion vide .....

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nt for the year 2015-16 issued on September 29, 2015, in terms of which a Medium Term Framework (MTF) for FPI limits in Government securities was announced to provide a more predictable regime. The features of the MTF are as under: The limits for FPI investment in debt securities will henceforth be announced/ fixed in Rupee terms. The limits for FPI investment in the Central Government securities will be increased in phases to reach 5 per cent of the outstanding stock by March 2018. In aggregate .....

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0 billion by March 2018. The effective increase in limits for the following two quarters will be announced every half year in March and September. The existing requirement of investments being made in G-sec (including SDLs) with a minimum residual maturity of three years will continue to apply to all categories of FPIs. Aggregate FPI investments in any Central Government security would be capped at 20% of the outstanding stock of the security. Investments at existing levels in the securities ove .....

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