The government today announced new Foreign Direct Investment, FDI norms for Foreign Institutional Investors, FIIs. Under the new norms, FIIs can now invest up to 23 per cent in commodity exchanges without seeking prior approval of the government. However, FDI will continue to require the approval of the Foreign Investment Promotion Board. The Department of Industrial Policy and Promotion's, consolidated FDI policy and the new norms came in force from today. At present both type of foreign investments, 23 per cent through FII route and 26 per cent through FDI route in commodity exchanges require government approval.This change aligns the policy for foreign investment in commodity exchanges, with that of other infrastructure companies in the securities markets, such as stock exchanges, depositories and clearing corporations.DIPP has also decided that the consolidated FDI circular will be announced every year instead of six-monthly basis. The revised policy would be announced on 29th March next year.