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RESERVE BANK OF INDIA (RBI)

  1. Investment in the units of Domestic Mutual funds : RBI vide its circular A.P. (DIR Series) Circular No. 08 dated 9th August, 2011 in consultation with the Government and the SEBI, has decided to allow non- resident investors (other than SEBI registered FIIs and SEBI registered FVCIs) who meet the KYC requirements of SEBI, hereinafter called ‘Qualified Foreign Investors’ (QFIs), to purchase on repatriation basis rupee denominated units of equity schemes of domestic MFs issued by SEBI registered domestic MFs in accordance with the terms and conditions as stipulated by the SEBI and the RBI from time to time in this regard. The details of the circular are available at  the following link : A.P.(DIR Series)Circular No.08, dated 09th August 2011

The QFIs may invest in rupee denominated units of equity schemes of domestic MFs issued by the SEBI registered domestic MFs under the two routes, namely:

1. Direct route - Holding MF units in demat account through a SEBI registered depository participant (DP).

2. Indirect route- Holding MF units via Unit Confirmation Receipt (UCR).

These investments would be subject to the specified terms and conditions.

      2. Issuance of Non-Convertible Debentures (NCDs)-Minimum Rating of NCDs :
In view of the standardisation of rating symbols and definitions for credit rating agencies by Securities Exchange Board of India (SEBI), the Reserve Bank of India has issued an amendment Direction, i.e., Issuance of Non-Convertible Debentures (Reserve Bank) (Amendment) Directions, 2011, inter alia, revising the symbol of minimum rating required for issuing NCDs of maturity up to one year. More details can be viewed at RBI VIDE IDMD.PCD. 08/14.03.03/2011-12, dated 23rd August 2011.
 
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