Approvals are valid for a period of six months, i.e. the executed copy of the loan agreement is required to
be submitted within this period. In the case of FRNs, Bonds etc., the same are required to be launched
within this period. In case of power projects, the validity of the approval will be for a period of one year
and 9 months in the case of telecom sector project . Bonds, Debentures, FRNs and other
such instruments will have additional validity period of three months for all the ECB approvals across the
board. Extension will not be granted beyond the validity period.