CIRCULAR No, CIR/IMD/FIIC/6/201 1       , Dated –   May 12, 2011

To

All Foreign Institutional Investors through their designated Custodians of Securities

Dear Sir/Madam,

Sub: Reporting of Offshore Derivative Instruments(ODIs)/ Participatory Notes(PNs) activity

1. Please refer to SEBI Circular No. CIR/IMD/FIIC/1/201 1 dated January 17, 2011 related to the new reporting format of ODIs/PNs activity.

2. Subsequently, SEBI received representations from a number of FIIs seeking various clarifications on the new reporting format. While these clarifications sought by the FIIs are being addressed by SEBI, it has been decided to defer the implementation of the new reporting format.

3. It has now been decided that the first such monthly report shall be submitted for the month of July, 2011 before 7th August, 2011, subject to the condition that the additional undertaking shall be implemented from the reporting month of April 2011 onwards. The old reporting format continues till the reporting month of June 2011.

4. This circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act 1992, read with Section 10 of the Securities Contracts (Regulation) Act, 1956 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

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

Yours faithfully,

S. Ravindran
Chief General Manager
+91-22-26449340
ravindran@sebi.gov.in

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