Reserve Bank of India (RBI) has allowed registered Foreign Institutional Investors (FIIs), Qualified Foreign Investors (QFIs) deemed as registered Foreign Portfolio investors, registered Foreign Portfolio Investors (FPIs), long term investors registered with SEBI - Sovereign Wealth Funds (SWFs), Multilateral Agencies, Pension/ Insurance/ Endowment Funds, foreign Central Banks to invest on repatriation basis, in non-convertible/redeemable preference shares or debentures issued by an Indian company.
This is for on-convertible/redeemable preference shares or debentures listed on recognized stock exchanges in India, within the overall limit of $51 billion earmarked for corporate debt. Further, NRIs have also been allowed to invest, both on repatriation and non-repatriation basis, in non-convertible/redeemable preference shares or debentures as above.