The Ministry of Finance issued a press release on 29 May to remove the bottlenecks and stimulate foreign investments via the qualified foreign investor (QFI) route.
Corporate bonds
The Finance Ministry has created a separate sub-limit of US$1 billion for QFIs to invest in corporate bonds and mutual fund debt schemes.
The QFI route now provides foreign investors with an option for direct investment.
Previously, QFIs were forced to invest in non-convertible debentures listed on the stock exchange through the foreign institutional investment route.
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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.
