For larger participation of new category of overseas investor i.e. Qualified Foreign Investors ("QFIs") to invest in Indian Secondary Market, both Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI) has issued guidelines allowing overseas individual investors to invest up to $1 billion in corporate bonds and debt schemes of mutual funds without any lock-in period or residual maturity clause. RBI vide RBI/2012-13/134 A. P. (DIR Series) Circular No. 7 dated 16th July, 201