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TMI BlogForeign Exchange Management (Transfer or Issue of any Foreign Security) (Second Amendment) Regulations, 2014X X X X Extracts X X X X X X X X Extracts X X X X ..... ransfer or Issue of Any Foreign Security) Regulations, 2004 (Notification No. FEMA.120/RB-2004 dated July 7, 2004), as amended from time to time, (hereinafter called the Principal Regulations or the Notification) namely :-- 1. Short Title and Commencement:--(i) These Regulations shall be called the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Second Amendment) Regulations, 2014. (ii) They shall come into force from the date of publication in the Official Gazette. 2. Amendment to Regulation 6 A. In sub-regulation (2), the existing clause (iv) shall be substituted with the following, namely: "(iv) The Indian Party has submitted Annual Performance Report in respect of all its overseas investments in the format ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chant 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 Chartered Accountant or a Certified Public Accountant. (b) for the purposes of investment by acquisition of shares of an existing company outside India where the consideration is to be paid fully or partly by issue of the Indian party's shares, shall be accompanied by the valuation carried out by a Category I Merchant Banker registered with the SEBI or an Investment Banker / Merchant Banker registered with the appropriate regulatory authority in the host country. 4. Amendment to Regulation 14 A. The existing sub-regulation (2) shall be substituted with th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er specified in Regulation 9, or" 5. Amendment to Regulation 15 The existing sub-regulation (iii) shall be substituted with the following, namely: "(iii) submit to the Reserve Bank, through the designated Authorised Dealer, every year on or before a specified date, an Annual Performance Report (APR) in Part III of Form ODI, as prescribed by the Reserve Bank from time to time, in respect of each JV or WOS outside India, and other reports or documents as may be prescribed by the Reserve Bank from time to time. The APR, so required to be submitted, has to be based on the audited annual accounts of the JV / WOS for the preceding year, unless specifically exempted by the Reserve Bank." 6. Amendment to Regulation 19 The existing Regulation 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s prescribed by the Reserve Bank from time to time, within 30 days of making the remittance." C. for the para (4), the following shall be substituted, namely: "(4) The disinvestment by the resident individual may be reported by the designated AD to the Reserve Bank in Part IV of Form ODI, as prescribed by the Reserve Bank from time to time, within 30 days of receipt of disinvestment proceeds." [F. No. 1/26/EM/2014] C.D. SRINIVASAN, Chief General Manager Foot Note : The Principal Regulations were published in the Official Gazette of GOI vide G.S.R. No 757(E) dated November 19, 2004 - in Part II, Section 3, Sub-section (i) and subsequently amended vide :-- G.S.R. No. 220(E) dated April 7, 2005, G.S.R. No. 337(E) dated May 27, 2005, G. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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