At the beginning of October, the Department of Industrial Policy and Promotion (DIPP) in the Government of India issued a regular update to its policy on foreign direct investment (FDI). One of the changes it introduced at that time precluded instruments with "in-built options of any type" from qualifying as FDI.
For the reasons we previously anticipated, this change caused a fair amount of concern within the investment community—particularly venture capital and private equity investors. However, earlier today, the DIPP allayed those concerns by issuing a "corrigendum." This 'correction' effectively withdraws the earlier change because it deletes, from the current FDI policy, the entire paragraph that contained the change.