Foreign Institutional Investors (FII) issuing ODIs/PNs must submit a report by the 7th of every month providing a summary of its ODI/PN activity for the previous month. The circular also clarified that the threshold for non-proprietary indices (e.g. MSCI World or MSCI EM Asia) shall be taken as 20 percent, i.e. those trades need not be reported in which the materiality of Indian underlyers is less than 20 percent of the index, even if such exposure was hedged onshore. The first monthly summary report must be submitted for the month of April 2011 before May 7, 2011.

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