CIRCULAR

Division of Foreign Institutional Investors & CustodiansInvestment Management Department

Cir No.IMD/FII&C/34/2008

October 20, 2008

To

All Foreign Institutional Investors through their designated Custodians of Securities

Sub:- Lending of securities bought in the Indian Market.

SEBI has reviewed the data submitted by the foreign institutional investors in pursuance of our circular no.32, dated October 16, 2008. SEBI disapproves of the activity of the foreign institutional investors lending shares abroad. The facility of lending and borrowing has been made available on Indian Exchanges. SEBI is reworking the existing stock exchange offered securities lending and borrowing mechanism, to make suitable changes.

The custodians are requested to communicate to their FII constituents the disapproval of SEBI as stated above.

This circular is available on our website http://www.sebi.gov.in.

Yours faithfully,

Jeevan Sonparote

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