Investment by Foreign Portfolio Investors (FPI) in Defaulted Bonds - Relaxations

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....eign Exchange Management (Debt Instruments) Regulations, 2019 notified vide Notification No. FEMA. 396/2019-RB dated October 17, 2019, as amended from time to time, and the relevant directions issued thereunder. A reference is also invited to A.P. (DIR Series) Circular No. 31 dated November 26, 2015 wherein FPIs were permitted to acquire NCDs/bonds, which are under default, either fully or partly,....

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....y receipts and debt instruments issued by Asset Reconstruction Companies and debt instruments issued by an entity under the Corporate Insolvency Resolution Process as per the resolution plan approved by the National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016 are exempt from these requirements. It has now been decided to exempt investments by FPI in NCDs/bonds which are und....