Deputy General Manager

Foreign Institutional Investors & Custodians Division

Investment Management Department

Website: www.sebi.gov.in Fax: 022 26449026

Circular No. IMD/FII & C/28/2008

27th May 2008

To

All Foreign Institutional Investors, and Custodians of Securities

Dear Sir/Madam,

Undertakings for ODI activity

In partial amendment to SEBI circular reference no IMD/CUST/15/2004 dated April 02, 2004, the undertaking required to be provided by the Foreign Institutional Investors (FIIs) and their sub-accounts with respect to the offshore derivative instruments (ODIs) is being revised to state the following w.e.f the Monthly ODI Report from May 2008:

“We undertake that we/ our associates have not issued/ subscribed/ purchased any of the offshore derivative instruments directly to/ from Non Resident Indians/ Indian Residents.”

Further, the following statement may also be included in the monthly ODI report, henceforth

“As of _crore and the total value of outstanding offshore derivative instruments issued by us as a percentage of AUC is ____ percent.”

* last date of the monthly reporting period to be mentioned.

This circular is being issued under Regulation 20A of the SEBI (Foreign Institutional Investors) Regulations 1995.

A copy of this circular is available at the web page “F.I.I.” on our website www.sebi.gov.in. The custodians are requested to bring the contents of this circular to the notice of their FII clients.

Yours faithfully,

Jeevan Sonparote

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