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July 2011

A.P. (DIR Series) Circular No. 54, dated 29-4-2011 — Issue of Irrevocable Payment Commitment (IOCs) to Stock Exchanges on behalf of Mutual Funds (MFs) and Foreign Institutional Investors (FIIs).

By Gaurang Gandhi, Chartered Accountant

Reading Time 1 mins

Presently, no fund-based/non-fund-based facilities are permitted to FII.

This Circular permits Custodian Banks, subject to RBI regulations and instructions on banks’ exposure to capital markets, to issue Irrevocable Payment Commitments (IPC) in favour of Stock Exchanges/ Clearing Corporations of Stock Exchanges on behalf of their FII clients for purchase of shares under the Portfolio Investment Scheme.

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July 2011

A.P. (DIR Series) Circular No. 54, dated 29-4-2011 — Issue of Irrevocable Payment Commitment (IOCs) to Stock Exchanges on behalf of Mutual Funds (MFs) and Foreign Institutional Investors (FIIs).

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PLEDGE OF SHARES — DIFFICULTIES UNDER THE TAKEOVER REGULATIONS

A.P. (DIR Series) Circular No. 55, dated 29- 4-2011 —Foreign Investments in India by SEBI-registered FIIs in other securities.

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July 2011

A.P. (DIR Series) Circular No. 54, dated 29-4-2011 — Issue of Irrevocable Payment Commitment (IOCs) to Stock Exchanges on behalf of Mutual Funds (MFs) and Foreign Institutional Investors (FIIs).

Share

You May Also Like

PLEDGE OF SHARES — DIFFICULTIES UNDER THE TAKEOVER REGULATIONS

A.P. (DIR Series) Circular No. 55, dated 29- 4-2011 —Foreign Investments in India by SEBI-registered FIIs in other securities.