Section 4(4) in The Foreign Exchange Management (Guarantees) Regulations, 2000
(4)[ An aulborised dealer (custodian bank), subjectto Ibe directions issued by the Reserve Bank, from time to time, may issue Irrevocable Payment Commitments (IPCs) in favour of the Stock Exchanges/Clearing Corporations of Ibe Stock Exchanges, on behalf of their registered FII clients for purchase of shares and convertible debentures under Ibe portfolio investment scheme (PIS) notified vide Schedule 2 to Foreign Exchange Management (Transfer or Issue or Security by a Person Resident Outside India) Regulations, 2000 (Notification No. FEMA.20/2000- RB) dated May 3, 2000, as amended from time to time.] [Inserted by Notification No. G.S.R. 914 (E) dated 30.3.2012 (w.e.f. 29.4.2011)]
