TMI BlogGUIDELINES FOR FOREIGN INVESTMENT IN CREDIT INFORMATION COMPANIESX X X X Extracts X X X X X X X X Extracts X X X X ..... ment, Government of India has decided to allow foreign investment in Credit Information Companies (CICs) as under. 2. Definitions In terms of the Credit Information Companies (Regulation) Act, 2005- (a) "credit information" means any information relating to— (i) the amounts and the nature of loans or advances, amounts outstanding under credit cards and other credit facilities granted o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... granted a certificate of registration under sub-section (2) of Section 5. 3. Policy for foreign investment in Credit Information Companies 3.1 Foreign investment in Credit Information Companies is subject to the Credit Information Companies (Regulation) Act, 2005. 3.2 Foreign investment i.e. Foreign Direct Investment (FDI) under the FDI Scheme incorporated as Schedule 1 under regula ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acquisition in excess of 1% will have to be reported to RBI as a reporting requirement; and (c) FIIs investing in CICs shall not seek a representation on the Board of Directors based upon their shareholding. 4. Change in Policy for FDI in NBFC activities In pursuance of the policy as at 3 above, Government of India has decided to delete 'Credit Reference Agencies' from the list of NBFC ..... X X X X Extracts X X X X X X X X Extracts X X X X
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