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of <h1>RBI Circular: FPIs Must Invest in Indian Debt with Minimum 3-Year Residual Maturity Starting February 2015.</h1> The Reserve Bank of India (RBI) issued a circular addressing foreign investments by Foreign Portfolio Investors (FPIs) in India's debt market. Effective from February 3, 2015, FPIs must invest in debt instruments with a minimum residual maturity of three years. This rule applies to all debt types, including commercial papers, and prohibits investments in instruments with optionality clauses exercisable within three years. However, FPIs may invest in amortized debt instruments if their duration is three years or more. Any arrangements contravening these guidelines will not comply with the specified circular provisions. The circular is issued under the Foreign Exchange Management Act, 1999.
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