FII investments in Upper Tier II Instruments

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..... Circular dated July 21, 2006 reviewed the guidelines governing the Innovative Perpetual Debt Instruments eligible for inclusion as Tier 1 Capital and Debt Capital Instruments qualifying for Upper Tier II Capital. As per the aforementioned Circular, investment by FIIs in Upper Tier II instruments raised in Indian Rupees shall be outside the limit for investment in corporate debt instruments, i.e., .....

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..... 16/2004 dated November 2, 2004. It is to be noted that the Board reserves the right to withdraw unused allocation in case there is demand from any FII which has already exhausted the limits, in order to enable optimum use of the allocations. 3. The individual limits for investment in Upper Tier II instruments will be advised to the 100% debt FIIs/ sub accounts separately. A copy of this circular .....

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