Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2015

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..... India) Regulations, 2000 ( Notification No. FEMA 20/2000-RB dated 3rd May 2000 ) namely: - Short Title Commencement:- 1. (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2015. (ii) They shall come into force from March 2,2015. Amendment of Schedule 1 2. In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, ( Notification No. FEMA 20/2000-RB dated 3rd May 2000 ), in the existing Annex B , ( i ) in the existing entry F.2.2, for the item (4)(i)(c), the following shall be substituted, namely: S.No. .....

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..... d forty-nine percent of the paid up equity capital of such Indian Insurance company. (b) Foreign direct investment proposals which take the total foreign investment in the Indian insurance company above 26 percent and upto the cap of 49 percent shall be under Government route. (c) Foreign investment in the sector is subject to compliance of the provisions of the Insurance Act, 1938 and the condition that Companies bringing in FDI shall obtain necessary license from the Insurance Regulatory Development Authority of India for undertaking insurance activities. (d) An Indian insurance company shall ensure that its ownership and control remains at all times in the hands of resident Indian entities referred to in Noti .....

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..... hs F.2, F.2.1 and F.2.2 relating to 'Banking- Private Sector', shall be applicable in respect of bank promoted insurance companies. (j) Terms 'Control', 'Equity Share Capital', 'Foreign Direct Investment' (FDI), 'Foreign Investors', 'Foreign Portfolio Investment', 'Indian Insurance Company', 'Indian Company', 'Indian Control of an Indian Insurance Company', 'Indian Ownership', Non-resident Entity', 'Public Financial Institution', 'Resident Indian Citizen', 'Total Foreign Investment' will have the same meaning as provided in Notification No. G.S.R 115(E), dated 19th February, 2015. - Notification Tax Manage .....

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