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of <h1>Foreign Currency Exchangeable Bonds must meet pricing benchmarks and five-year maturity under 2008 scheme regulations</h1> The statutory provisions establish pricing and maturity requirements for Foreign Currency Exchangeable Bonds under the 2008 scheme. Interest rates and issue expenses must comply with Reserve Bank of India's External Commercial Borrowings policy ceiling. The exchange price cannot be below the higher of two benchmarks: six-month average of weekly high-low closing prices or two-week average preceding the board resolution date. Bonds require minimum five-year maturity for redemption, with exchange options exercisable anytime before redemption. Physical delivery of shares is mandatory upon exercising exchange options, with cash settlement prohibited.
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