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of <h1>New Guidelines Limit Foreign Investments to Fully Convertible Debentures Under FDI Policy, Exclude Debt-Like Instruments.</h1> The circular revises guidelines on foreign investments in debentures under the Foreign Exchange Management Act. It emphasizes that only instruments fully and mandatorily convertible into equity are considered part of equity under the Foreign Direct Investment (FDI) Policy. This change aims to prevent the misuse of the FDI route for debt-like instruments. Foreign Institutional Investors (FIIs) can continue investing in listed non-convertible debentures as per existing norms. Companies with prior approvals for partially convertible instruments may proceed as planned. Amendments to relevant regulations are forthcoming, and banks are instructed to inform their clients of these changes.
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