Securities And Exchange Board Of India - Subsection
Section 15A(3) in Securities And Exchange Board Of India (Foreign Institutional Investors) Regulations, 1995
(3)No offshore derivative instruments shall be issued by or on behalf of a foreign institutional investor with derivatives tradable on any recognized stock exchange in India as underlying:Provided that where any such offshore derivative instruments had been issued prior to the commencement of the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2008 by or on behalf of a foreign institutional investor and are outstanding at such commencement, they shall be cancelled or redeemed or closed out before the thirty first day of March 2009:Provided further that such offshore derivative instruments issued before the commencement of the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2008 by or on behalf of a foreign institutional investor may be renewed upon their expiry after such commencement, so that the period of renewal ends before the thirty first day of March 2009.
