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Foreign Direct Investment (FDI) in India Review of FDI policy Sector Specific conditions- Insurance sector

FEMA - 94 - Dated:- 8-4-2015 - RBI/2014-15/545 A. P. (DIR Series) Circular No. 94 April 08, 2015 To All Authorised Dealer Category-I Banks Madam / Sir, Foreign Direct Investment (FDI) in India - Review of FDI policy -Sector Specific conditions- Insurance sector Attention of Authorised Dealer Category - I (AD Category-I) banks is invited to Annex B of Schedule 1 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide No .....

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ies) dated March 2, 2015. Also, a new activity viz. Other Insurance Intermediaries appointed under the provisions of Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) has been included within the definition of Insurance . 3. Besides, the salient changes over the existing regime include: Foreign investment in Indian insurance company shall be limited up to forty-nine percent of the paid up equity capital; Foreign direct investment up to 26 percent shall be under automatic rout .....

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s; Foreign portfolio investment in an Indian insurance company shall be governed by the provisions of Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2000 and provisions of the Securities Exchange Board of India (Foreign Portfolio Investors) Regulations. Any increase of foreign investment of an Indian insurance company shall be in accordance with the pricing guidelines specified by Reserve Bank of India under the Foreign Exchange Manage .....

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