Foreign portfolio investment permission: FPIs may trade listed equity, approved derivatives and IDRs subject to regulatory limits and schedule conditions. A Foreign Portfolio Investor (FPI) may purchase or sell equity instruments of Indian companies listed or to be listed and may transact in other securities under the terms and conditions of Schedule II; FPIs may also trade in exchange traded derivative contracts approved by the market regulator subject to that regulator's limits and Schedule II conditions. Additionally, FPIs may purchase, hold, or sell Indian Depository Receipts (IDRs) of companies resident outside India in accordance with the manner and conditions prescribed in Schedule X.