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Hedging of exchange rate risk by Foreign Portfolio Investors (FPIs) under Voluntary Retention Route

I (AD Category - I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 (Notification No. FEMA. 25/RB-2000 dated May 3, 2000), as amended from time to time and Master Direction - Risk Management and Inter-Bank Dealings dated July 5, 2016, as amended from time to time. 2. A reference is also invited to A.P. (DIR Series) Cir .....

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10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law. Yours faithfully, (T Rabi Sankar) Chief General Manager Annex Purpose: To hedge the exposure to exchange rate risk on account of investments made under the Voluntary Retention Route (VRR) Products: Forwards, options, cost reduction st .....

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market value of the exposure, in which case the FPI may, at its discretion, continue with the derivative contract till its original maturity. ii. Authorised dealers shall allow FPIs to freely cancel and rebook the derivative contracts. iii. Authorised Dealer shall ensure that all payables incidental to the hedge are met by the FPI out of repatriable funds and/or inward remittance through normal ba .....

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