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of <h1>New Guidelines for FPI Investment Limits in Indian Government Securities; Phased Increase to Reach 5% by March 2018.</h1> The circular addresses the investment limits for Foreign Portfolio Investors (FPIs) in Indian Government securities. It outlines a Medium Term Framework (MTF) for FPI limits, setting these limits in Rupee terms and planning phased increases to reach 5% of the outstanding stock of Central Government securities by March 2018. This translates to an additional investment capacity of Rs. 1,200 billion. A separate limit for State Development Loans (SDLs) will also be increased to 2% of the outstanding stock, adding Rs. 500 billion by March 2018. The circular specifies that investments must have a minimum residual maturity of three years and caps FPI investments in any Central Government security at 20% of the outstanding stock. The revised limits will be implemented in two stages, starting October 12, 2015, and January 1, 2016. Further operational guidelines will be issued by the Securities and Exchange Board of India (SEBI).
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