9911796707
TMI BlogPurchase and sale of securities other than shares or convertible debentures of an Indian company by a person resident outside India. - [See Regulation 5 (4)]X X X X Extracts X X X X X X X X Extracts X X X X ..... y 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 Regula ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ligible 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 u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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 pu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 val ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o. 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, s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Participan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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