TMI BlogForeign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2002X X X X Extracts X X X X X X X X Extracts X X X X ..... FICE MUMBAI 400 001 Notification No.FEMA. 48 /2002-RB dated January 1, 2002 Published in the Official Gazette of Government of India - Extraordinary - Part-II, Section 3, Sub-Section (i) dated 09.04.2002 - G.S.R. No. 258(E) In exercise of the powers conferred by clause (a) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of remittance from India, the valuation of shares of the company outside India shall be made , - i. where the investment is more than US $ 5 (five) million, by a Category I Merchant Banker registered with Securities and Exchange Board of India (SEBI), or an Investment Banker/Merchant Banker outside India registered with the appropriate regulatory authority in the host country; and ii. in al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of investment by way of remittance from India, shall be accompanied by the valuation of shares of the company outside India, made - i. where the investment is more than US $ 5 (five) million, by a Category I Merchant Banker registered with SEBI or an Investment Banker/Merchant Banker registered with the appropriate regulatory authority in the host country; and ii. in all other cases, by a Ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company. Provided that :- a. the value of the shares accepted from each company outside India shall not exceed fifty percent of the fees receivable by the Indian party from that company; and b. the Indian concern's share holding in any one company outside India by virtue of shares accepted as aforesaid shall not exceed ten percent of the paid-up capital of the company outside India, whose ..... X X X X Extracts X X X X X X X X Extracts X X X X
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