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of <h1>New Circular Enforces 3-Year Minimum Residual Maturity for FPI Investments in Indian Bonds; No Lock-In Period.</h1> The circular addresses foreign investment in India by Foreign Portfolio Investors (FPIs), requiring future investments in government and corporate bonds to have a minimum residual maturity of three years. FPIs are prohibited from investing in liquid and money market mutual fund schemes. There is no lock-in period, allowing FPIs to sell securities to domestic investors. These directives are effective immediately, with further guidelines to be issued by SEBI. Existing conditions for FPI investments in the debt market remain unchanged, and banks are instructed to inform their clients of these changes. The circular is issued under the Foreign Exchange Management Act, 1999.
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