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of <h1>Foreign Portfolio Investors Exempt from Three-Year Maturity Rule for Security Receipts; Must Adhere to Corporate Debt Limit.</h1> The circular informs Authorized Dealer Category-I banks about the regulations concerning foreign investment in India by Foreign Portfolio Investors (FPIs). It clarifies that FPIs investing in security receipts issued by Asset Reconstruction Companies are exempt from the three-year minimum residual maturity restriction applicable to corporate bonds. However, such investments must adhere to the overall corporate debt limit. These directions are effective immediately, with further guidelines to be issued by SEBI. The circular is issued under the Foreign Exchange Management Act, 1999, and banks are advised to inform their clients accordingly.
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