The Reserve Bank of India on January 19, 2000, has notified that no further purchases of equity shares of Industrial Credit and Investment Corporation of India Ltd. (ICICI Ltd.) should be made on behalf of foreign institutional investors (FIIs)/non-resident Indians (NRIs)/overseas corporate bodies (OCBs)/persons of Indian origin (PIOs) without obtaining prior approval of the Reserve Bank. The Reserve Bank has stated that the net foreign share holding of ICICI Limited has reached the trigger limit of 47 per cent of its paid-up capital as a result of ADR/GDR issues, outstanding foreign currency convertible bonds (FCCBs) and FII/NRI/OCB/PIO investment. The limit of foreign share holding through ADR/GDR issues, outstanding foreign currency convertible bonds (FCCBs) and FII/NRI/OCB/PIO investment in ICICI Limited cannot exceed 49 per cent in its expanded equity capital.