Regulation 7 - Investment in Financial Services Sector - Foreign Exchange Management (Transfer Or Issue of Any Foreign Security) Regulations, 2000

Has been superseded vide Notification No. 120/2004 dated 7/7/2004 7. Investment in Financial Services Sector (1) Subject to the Regulations in Part I, an Indian party engaged in the financial services activities, may make investment in an entity outside India also engaged in financial services activities:- Provided that the Indian party - (i) has earned net profit during the preceding three financial years from the financial services activities; (ii) is registered with the appropriate regulatory authority in India for conducting the financial services activities; (iii) has a minimum net worth of Rs.15 crores as on the date of the last audited balance sheet; and (iv) has fulfilled the prudential norms relating to capital adequacy as prescribed by the concerned regulatory authority in India.