It is mentioned under para ‘Avenues for Investments’ that FPI can invest in Unlisted Debentures.
To my understanding, FPI can (as per FEM Debt Instruments Regulations 2019 read with SEBI Foreign Portfolio Regulations, 2019) only invest in debentures (non-convertible) that are listed or proposed to listed on SEs.
SEBI FPI Regulations permit FPIs to invest only in listed debentures [Reg. 20(1)(a)], however, they also permit FPIs to invest in any other debt instruments as specified by RBI [Reg. 20(1)(g)]. As per RBI (DI) Regulations, FPIs can invest in NCDs/Bonds issued by an Indian company [Sec. I (A)(1)(b)]. Therefore, in addition to listed debentures, FPIs are permitted to invest in unlisted debentures issued by an Indian company.
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It is mentioned under para ‘Avenues for Investments’ that FPI can invest in Unlisted Debentures.
To my understanding, FPI can (as per FEM Debt Instruments Regulations 2019 read with SEBI Foreign Portfolio Regulations, 2019) only invest in debentures (non-convertible) that are listed or proposed to listed on SEs.
SEBI FPI Regulations permit FPIs to invest only in listed debentures [Reg. 20(1)(a)], however, they also permit FPIs to invest in any other debt instruments as specified by RBI [Reg. 20(1)(g)]. As per RBI (DI) Regulations, FPIs can invest in NCDs/Bonds issued by an Indian company [Sec. I (A)(1)(b)]. Therefore, in addition to listed debentures, FPIs are permitted to invest in unlisted debentures issued by an Indian company.