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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fifth Amendment) Regulations, 2016

FEMA - 366/2016 - Dated:- 30-3-2016 - RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION No.FEMA. 366/2016-RB Mumbai, the 30th March, 2016 G.S.R. 369(E).-In exercise of the powers conferred by clause (b) of sub-section .....

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India) Regulations, 2000 (Notification No. FEMA. 20/2000-RB dated 3rd May 2000) namely:- 1. Short Title and Commencement (i) These Regulations may be called the . (ii) They shall come into force from the date of their publication in the Official Gaze .....

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, i. The existing entry F.7, F.7.1 and F.7.2 shall be substituted by the following:- F.7. Insurance % of equity/FDI Cap Entry route F.7.1 Insurance (i) Insurance Company (ii) Insurance Brokers (iii) Third Party Administrators (iv) Surveyors and Loss .....

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s by way of total foreign investment in its equity shares by foreign investors, including portfolio investors, to exceed forty-nine percent of the paid up equity capital of such Indian Insurance company. b) The foreign investment up to forty-nine per .....

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bject to compliance with the provisions of the Insurance Act, 1938 and the condition that Companies receiving FDI shall obtain necessary license /approval from the Insurance Regulatory & Development Authority of India for undertaking insurance an .....

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ority of India as per the rules/regulation issued by them from time to time e) Foreign portfolio investment in an Indian Insurance Company shall be governed by the provisions contained in sub-regulations (2), (2A), (3) and (8) of Regulation 5 of FEMA .....

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pecified by Reserve Bank of India under the FEMA Regulations. g) The foreign equity investment cap of 49 percent shall apply on the same terms as above to Insurance Brokers, Third Party Administrators, Surveyors and Loss Assessors and Other Insurance .....

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e Regulatory and Development Authority of India to function as an insurance intermediary, the foreign equity investment caps applicable in that sector shall continue to apply, subject to the condition that the revenues of such entities from their pri .....

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