This Article discusses the framework governing Foreign Portfolio Investment (FPI) in India, defining FPIs and detailing their investment options in equity and non-equity instruments, including mutual funds and Indian Depository Receipts. It further provides investment limits, pricing regulations, and conditions for transferring securities, along with specific provisions for NRIs and overseas investments. 

This Article discusses the recently Foreign Exchange Management (Non-Debt Instruments) (Fourth Amendment) Rules, 2024, issued by the Ministry of Finance, introducing significant changes to India's foreign investment framework, including formalized equity swap provisions, streamlined foreign portfolio investment processes, and further clarifying regulations for Non-Resident Indian and Overseas Citizen of India investments.