Singapore Watch: May CPI review: More reasons for MAS to wait-and-see in Jul

Research evidence excerpt

Singapore Watch: May CPI review: More reasons for MAS to wait-and-see in Jul

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applicable laws of the relevant jurisdiction. Global Depository Receipts (GDR) and

the Global Depository Shares (GDS) of Indian companies, Indian limited liability

corporations, have not been registered under the U.S. Securities Act of 1933, as

amended, and may only be transacted by persons in the United States who are

Qualified Institutional Buyers (QIBs) within the meaning of Rule 144A under the

Securities Act. Accordingly, no copy of any research report on Indian companies'

GDRs or GDSs will be made available to persons who are not QIBs.

BofA Securities India Limited (BofAS India) is regulated by the Securities and

Exchange Board of India (SEBI) and provides the following services in India:

Research, Equity Sales & Trading, Futures & Options, Electronic Trading, Equity

Capital Markets, Debt Capital Markets and M&A. SEBI Registration Nos. Research

Analyst: INH000000503, Stock Broking: INZ000217333 (Trading and Clearing

Member of NSE and BSE – Capital Markets and Equity Derivatives), Merchant

Banker: INM000011625, CIN U74140MH1975PLC018618.

Registration granted by SEBI, Research Analyst Administration and Supervisory

Body (RAASB) of BSE Limited and accreditation from National Institute of

Securities Markets (NISM) in no way guarantee performance of the intermediary or

provide any assurance of returns to investors.

BofAS India's registered office is at Ground Floor, A Wing, One BKC, G Block, Bandra

Kurla Complex, Bandra (East), Mumbai 400 051, India, Tel: +91 22 6632 8000 and

the contact details of its Compliance Officer (Shervin Purohit) are: Tel: (91-22) 6632

8853, Email: shervin.purohit@bofa.com. For specific grievances, if any, please

2 Singapore Watch | 23 June 2026

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