The FIPB has deferred the proposal of Reliance Communication Ventures Limited's (RCoVL) to raise the permissible holding of foreign institutional investors (FIIs) up to 74 per cent under the portfolio investment scheme. RCoVL had sought an increase in the limit for purchase or sale of shares and convertible debentures of the company by FIIs up to 74 per cent under the portfolio investment scheme. As on March 31, 2006, RCoVL had a total foreign shareholding of 26.2 per cent, of which FIIs held 19.8 per cent stake.