"There are criteria for a Market Accessibility Level of 1 the market does not satisfy, including the documentary requirements to fulfil the Foreign Portfolio Investor (FPI) registration, increased regulatory reporting, the inflexible length of the settlement cycle and the tax clearance process," an FTSE note read.
However, it acknowledged progress in the accessibility of the securities in its March review for the FTSE Emerging Markets Government Bond Index (EMGBI), adding that the bonds will remain on its watch list.
Global index provider FTSE Russell will defer India s inclusion in its government bond index due to taxation, registration and settlement issues, even as two other major index providers have.
FTSE Russell Defers India s Inclusion From Government Bond Index usnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from usnews.com Daily Mail and Mail on Sunday newspapers.