Foreign investment in non-convertible securities permitted for registered FPIs, SEBI long term investors and NRIs within corporate debt limits. SEBI registered FIIs, QFIs deemed as FPIs, registered FPIs, and SEBI registered long term investors may invest on a repatriation basis in non convertible/redeemable preference shares and non convertible debentures of Indian companies-issued under a court approved Scheme of Arrangement and listed on recognized exchanges-provided such investments are within the overall corporate debt limit. NRIs may invest in these instruments on repatriation or non repatriation basis. Authorized Dealer Category I banks must notify constituents; directions are issued under the Foreign Exchange Management Act.