RBI vide A.P. Circular No. 33 dated25-04-2019 has permitted FPIsto invest in municipal bonds. SEBI vide Circular No. IMD/FPIC/CIR/P/2019/62 dated 08-05-2019 has decided to permit FPIs to invest in municipal bonds in accordance with the provisions of Regulation 21(1)(p) of SEBI (Foreign Portfolio Investors) Regulations, 2014.
