Allocation of Corporate debt long term category to FIIs
Summary
This circular allocates unutilized limits for Foreign Institutional Investors to invest in corporate debt long-term infra category. It mandates that bidding for these limits will occur on the National Stock Exchange on February 29, 2012, between 15:30 and 17:30 hours. The document specifies bid caps, minimum bid amounts, and fee remittance procedures for custodians.
Text
Based on the assessment of the utilization of the limits to FIIs for investments in corporate debt long term infra category (with one year lock in and one year residual maturity clause), it has been decided to allocate the unutilized limits. The bidding of this limit shall be done on the NSE from 15:30 hrs to 17:30 hrs, on February 29, 2012, in terms of SEBI circular IMD/FII&C/37/2009 dated February 06, 2009, subject to the modifications stated below:-
In partial amendment to clause 3 (h) of the aforesaid circular IMD/FII & C/37/2009, no single entity shall be allocated more than INR 1000 crore of the investment limit. Where a single entity bids on behalf of multiple entities, in terms of para 7 of SEBI circular CIR/IMD/FIIC/18 /2010 dated November 26, 2010, then such bid would be limited to INR 1000 crore for every such single entity.
In partial amendment to clause 3 (c) and 3(d) of the aforesaid circular IMD/FII &C/ 37/2009, the minimum amount which can be bid for shall be INR 1 crore.
The fees for the bidding process shall be remitted to SEBI by the respective custodians of the entities within 3 working days after the bidding process.
Source: SecMarx — Allocation of Corporate debt long term category to FIIs. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.