FII & Custodian Division Investment Management Department

Circular No. IMD/FII & C/ 29 /2007

June 6, 2008

To

All Foreign Institutional Investors, and Custodians of Securities

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Sub: FII investments in Debt Securities

The Government of India has reviewed the External Commercial Borrowing policy and has increased the cumulative debt investment limits from US $3.2 billion to US $5 billion and US $1.5 billion to US $3 billion for FII investments in Government Securities and Corporate Debt, respectively.

The enhanced limits shall be allocated among the FIIs on a ‘first come first served’ basis in terms of our Circular dated January 31, 2008, subject to a ceiling of US $200 million per registered entity.

The debt requests in this regard shall be forwarded to the dedicated email id as mentioned in the aforementioned circular. The mailbox shall open at 12 midnight IST. June 16, 2008.

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 Deputy General Manager

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