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Foreign exchange management rules notified

The Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 (NDI rules), notified by the central government on 17 October 2019, along with the Reserve Bank of India’s (RBI) Foreign Exchange Management (Debt Instrument) Regulations, 2019,...
reforms

Tax reforms introduced to stimulate economy

On 20 September 2019, the president of India, Ram Nath Kovind, promulgated the Taxation Laws (Amendment) Ordinance, 2019, to introduce several major reforms to the direct tax framework, with the objective of rationalizing tax...
SEBI

SEBI updates foreign portfolio regulations

The Securities and Exchange Board of India has released SEBI (Foreign Portfolio Investors) Regulations, 2019, to replace SEBI (Foreign Portfolio Investors) Regulations, 2014. The FPI regulations, 2019 seek to simplify the 2014 regulations by...
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Foreign investors permitted to participate in IFSC commodity derivatives

On 4 January 2017, SEBI issued a circular prescribing guidelines for the participation or functioning of eligible foreign investors (EFIs) and foreign portfolio investors (FPIs) in International Financial Services Centre (IFSC). The circular stipulated that...
RBI-Investor

RBI scraps single-company bond limit for foreign investors

The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) released circulars on 15 June 2018 reviewing the requirements for investment by foreign portfolio investors (FPIs) in debt securities....
Sawant-Singh-and-Aditya-Bhargava,-Phoenix-Legal

Voluntary retention route: A halfway measure?

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The government and the financial sector regulators, the Reserve Bank of India (RBI) and the Securities and Exchange Board of Indian (SEBI), have considered various measures to ease debt investment rules for foreign portfolio...

Circular on FPI investment limits issued

The Securities and Exchange Board of India (SEBI) issued a circular clarifying the clubbing of investment limits of foreign portfolio investors (FPIs). The circular’s intent was to clarify the clubbing of investment limits of...
foreign-investment-law-firm-business-partnership-agreement-lawyer-india

Ownership rules for FPIs amended

The Securities and Exchange Board of India (SEBI) on 31 December 2018 came out with SEBI (Foreign Portfolio Investors) (Third Amendment) Regulations, 2018. The third amendment regulations have amended regulation 23(3) of the FPI...

Proposed FPI rule changes: A welcome development

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The regulatory environment for investment in corporate debt by foreign portfolio investors (FPIs) has been turbulent with sweeping changes introduced by the Reserve Bank of India (RBI) in April 2018, followed by other changes...

Circular issued to identify beneficial owners

The Securities and Exchange Board of India (SEBI) released a circular on 10 April 2018, which laid down the parameters to identify beneficial owners (BOs) for foreign portfolio investors (FPIs). Pursuant to an interim...
Sawant-Singh-and-Aditya-Bhargava,-Phoenix-Legal

Bond investment guidelines a relief for foreign investors

By Sawant Singh and Aditya Bhargava, Phoenix Legal
Circulars on corporate bond investments by foreign portfolio investor (FPIs), issued by the Reserve Bank of India (RBI) on 27 April and 1 May, disconcerted the financial services sector, particularly the provisions restricting investment...

SNA structures permitted

The Securities and Exchange Board of India (SEBI) issued a circular on 24 May permitting segregated nominee account (SNA) structures in international financial services centres (IFSCs) to further ease market access for foreign investors...

Foreign portfolio investors: New bond rules a surprise

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The foreign portfolio investor (FPI) framework introduced in 2014 was welcomed as a prime example of regulatory streamlining. However, the framework has presented challenges, particularly for investments in Indian corporate debt. Until recently, corporate...
clubbing-of-investment-limits

Clubbing of investment limits explained

The Securities and Exchange Board of India (SEBI) issued a circular on 10 April clarifying the clubbing of investment limits of foreign government-related entities registered as foreign portfolio investors (FPIs) under the SEBI (Foreign...
India-foreign-investment

Due diligence instructions for foreign investors in India

The Securities and Exchange Board of India (SEBI) issued instructions in relation to carrying out necessary due diligence and reporting for foreign portfolio investors (FPIs) through a circular dated 21 March. The circular was...

RBI raises ceiling for derivatives

The Reserve Bank of India (RBI) issued a circular on 26 February permitting persons resident in India and foreign portfolio investors (FPIs), under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations,...

Access norms clarified for FPIs

The Securities and Exchange Board of India (SEBI) issued clarifications in respect to investments by certain category II foreign portfolio investors (FPIs), through a circular on 13 March. The clarifications relate to amendments made on...

FPI limit for interest rate futures

The Securities and Exchange Board of India (SEBI) has allocated a separate limit of ₹50 billion (US$768 million) to foreign portfolio investors (FPIs) for long positions in interest rate futures (IRFs) through a circular...

Markets regulator implements amendments to FPI access norms

The Securities and Exchange Board of India (SEBI) on 15 February notified certain amendments to the SEBI (Foreign Portfolio Investors) Regulations, 2014, by way of a circular, which effected several reforms to facilitate participation...
Feature Image of an article about TISPRO regulations and Foreign Exchange Management by RBI

RBI implements new foreign exchange regulations

The Reserve Bank of India (RBI) on 7 November issued the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017 (TISPRO Regulations). The new TISPRO regulations supersede...