Such RBI permissions granted through the designated banks to non-resident Indians (NRIs), persons of Indian origins (PIOs) and overseas corporate bodies (OCBs) for secondary market transactions will be valid for five years. However, the names of these banks have not yet been made public.

It should be recalled that the RBI had earlier modified the norms for investment ceilings by NRIs, PIOs and OCBs for purchase of shares in a company through stock exchanges under the portfolio investment scheme. This was in line with the investment limits announced by finance minister Yashwant Sinha in his maiden budget announced on June 1.

An RBI release issued on July 24 specified that the investment limit by a single NRI, PIO or OCB owned by such persons to the extent of at least 60 per centin a company has been enhanced from the existing level of 1 per cent to 5 per cent of the paid-up capital of the company.

Similarly, the aggregate limit for all these investors' investments through the secondary market has been raised from the existing 5 per cent to 10 per cent of the paid-up equity capital. The individual and aggregate ceiling limits of portfolio investments by these investors would be exclusive of the aggregate portfolio investment ceiling for FIIs.

However, RBI has also stated that the earlier facility of aggregate investment by all these investors up to the enhanced limit of 24 per cent subject to general body resolution of a company would continue to be operative.

FII investments would also continue to be subject to a separate aggregate ceiling of 24-30 per cent of the paid-up equity capital of the company.