Minimum Capital Requirements for ‘Other Financial Services’ activities which are unregulated by any Financial Sector Regulator and FDI is allowed under Government Route

^* Explanatory Note: It is clarified that fund and non-fund based activities shall include, but not limited to,the following activities to the extent that they are- (i)not regulated by any financial sector regulator - this shall include scenarios where the entity is not registered with the concerned sector regulator and/or the entity/activity is exempted under the concerned sector regulations; or (ii)where only part of the financial services activity is regulated; or (iii) where there is a doubt regarding the regulatory oversight:

Fund based activities:Merchant Banking, Under Writing, Portfolio Management Services, Stock Broking, Asset Management, Venture Capital, Custodian Services, Factoring, Leasing & Finance, Housing Finance, Credit Card Business, Micro Credit, Rural Credit

Non-fund based activities: Investment advisory services, Financial Consultancy, Forex Broking, Money Changing Business, Credit Rating Agencies’