Foreign Institutional Investor disinvestment permission required on non-renewal; mandates Board approval and stipulated exit timeframe. An FII that does not renew registration or fails to apply for renewal must obtain Board permission, at expiry of registration, to disinvest securities held on its own account or for sub-accounts within a stipulated time and subject to Board-specified terms and conditions. The amendment also adds commercial paper to the instruments covered under regulation 15, inserting the term into the explanation and provisos to relevant sub-regulations to align it with government securities and treasury bills.