New Sebi Agenda

•FIIs and their sub-accounts should not issue or renew ODIs with underlying as derivatives. They should wind up the current position over 18 months

•Further issue of ODIs by sub-accounts of FIIs will be discontinued. They will have to wind up the current position over 18 months

•FIIs that are currently issuing ODIs with notional value of PNs outstanding (excluding derivatives) as a percentage of their AUC of less than 40% can issue ODIs only at the incremental rate of 5% of their AUC

•FIIs with notional value of PNs outstanding (excluding derivatives) as a percentage of their AUC in India of more than 40% should issue PNs only against cancellation or redemption of existing PNs