Both with a view to developing the market as well as encouraging long term flows, the current policy priority is to encourage investment in bonds of relatively longer duration. Accordingly, we had created, and subsequently expanded, a separate window for long-term foreign investors.
We have recently moved towards restricting incremental access to treasury bills and government securities with less than one year residual maturity segments to the foreign portfolio investors. The less than expected response of the foreign investors to the debt instruments even in relation to relatively small limits available to them has presumably also to do with the lack of liquidity in this segment.