Repeal of prior FII regulations triggers rescission of circulars while preserving transitional and saving provisions for registrations.

Regulation 47 repeals the 1995 Foreign Institutional Investors regulations and rescinds specified Board circulars, while providing savings: acts, inquiries, notices and registration actions under the repealed regulations are deemed to be under corresponding 2014 provisions; pending registration applications remain subject to the 1995 regulations; the Board may continue to grant registrations under the 1995 regime for prescribed periods; offshore derivative instruments issued under the 1995 regulations are deemed issued under the 2014 regulations; and references elsewhere to the repealed instruments are to be read as references to corresponding 2014 provisions.

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