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

FEMA - 355/2015-RB - Dated:- 16-11-2015 - RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION No. FEMA. 355/ 2015-RB Mumbai, the 16th November, 2015 G.S.R. 858(E).-In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident .....

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ns framed by SEBI or any other authority designated for the purpose and shall include Real Estate Investment Trusts (REITs) governed by the SEBI (REITs) Regulations, 2014, Infrastructure Investment Trusts (InvIts) governed by the SEBI (InvIts) Regulations, 2014 and Alternative Investment Funds (AIFs) governed by the SEBI (AIFs) Regulations, 2012. (ii) After the existing sub-regulation (xi), the following shall be added namely:- (xi A) Unit shall mean beneficial interest of an investor in the Inv .....

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sell or transfer units of an Investment Vehicle, in the manner and subject to the terms and conditions specified in Schedule 11. C. Amendment to Regulation 9 In the principal Regulations, in Regulation 9, for the words, shares or convertible debentures or warrants," and "shares or convertible debentures or warrants of an Indian company , wherever they appear, the words, shares or convertible debentures or warrants of an Indian company or units of an Investment Vehicle shall be substit .....

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stment Vehicle in accordance with these Regulations, may pledge such units to secure credit facilities being extended to the non-resident investor. E. Addition of a new Schedule After the existing Schedule 10, the following shall be added SCHEDULE 11 [See Regulation 5(10)] Investment by a person resident outside India in an Investment Vehicle 1. A person resident outside India including an RFPI and an NRI may invest in units of Investment Vehicles subject to the conditions laid down in this Sche .....

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t by an Investment Vehicle shall be regarded as foreign investment if neither the Sponsor nor the Manager nor the Investment Manager is Indian owned and controlled as defined in Regulation 14 of the principal Regulations. Provided that for sponsors or managers or investment managers organized in a form other than companies, SEBI shall determine whether the sponsor or manager or investment manager is foreign owned and controlled. Explanation 1: Ownership and control is clearly determined as per t .....

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