Date:12/11/2005 URL: http://www.thehindu.com/2005/11/12/stories/2005111207351500.htm

Business - Briefly

FII investment in security receipts

MUMBAI: The Reserve Bank of India on Friday allowed foreign institutional investors, registered with the Securities and Exchange Board of India, to invest in security receipts (SRs) issued by asset reconstruction companies (ARCs) registered with the central bank. "FIIs can invest up to 49 per cent of each tranche of the scheme of SRs subject to the condition that investment of a single FII in each tranche of a scheme of SRs should not exceed 10 per cent of the issue,''the RBI stated.