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of <h1>FPIs Allowed to Trade CDS with 5% Limit on Corporate Bonds Under New RBI Guidelines Effective May 9, 2022.</h1> Foreign Portfolio Investors (FPIs) are permitted to buy and sell Credit Default Swap (CDS) protection under the Credit Derivatives Directions. The Reserve Bank has set an aggregate limit for CDS protection sold by FPIs at 5% of the outstanding corporate bonds. The Clearing Corporation of India Ltd. will monitor this limit. Debt instruments received or purchased by FPIs for CDS contracts will count towards corporate bond investment limits. These transactions are exempt from certain maturity and concentration limits. The directions take effect on May 9, 2022, and are issued under the Foreign Exchange Management Act, 1999.
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