Markets regulator Sebi on Thursday indicated that the issuance of Masala bonds, or rupee-denominated bonds in the overseas market, has been temporarily ceased till foreign portfolio investors’ (FPIs) utilisation of investment limits in corporate debt falls below 92%. “As rupee-denominated bonds issued by Indian corporates overseas are covered under CCDL, issuance of such bonds overseas shall temporarily cease, until the limit utilisation falls back to below 92%,” the Securities and Exchange Board of India (Sebi) said in a circular. CCDL stands for Combined Corporate Debt Limit.According to latest depository data, FPIs have utilised 92.89% of the available quota of Rs 2.44 lakh crore.