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Foreign Investment in units issued by Real Estate Investment Trusts Infrastructure Investment Trusts and Alternative Investment Funds governed by SEBI regulations

FEMA - 63 - Dated:- 21-4-2016 - RBI/2015-16/377 A.P. (DIR Series) Circular No. 63 April 21, 2016 To All Category - I Authorised Dealer Banks Madam/ Sir, Attention of Authorised Dealers Category - I (AD Category - I) banks is invited to the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations 2000, notified vide Notification No. FEMA 1/2000-RB dated May 3, 2000, as amended from time to time and Foreign Exchange Management (Transfer or Issue of Security by a Person Re .....

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es registered and regulated by SEBI or any other competent authority. At present, Investment Vehicle will include the following: Real Estate Investment Trusts (REITs) registered and regulated under the SEBI (REITs) Regulations 2014; Infrastructure Investment Trusts (InvITs) registered and regulated under the SEBI (InvITs) Regulations, 2014; Alternative Investment Funds (AIFs) registered and regulated under the SEBI (AIFs) Regulations 2012. Further, unit shall mean beneficial interest of an inves .....

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channel including by debit to an NRE or an FCNR account. iii. A person resident outside India who has acquired or purchased units in accordance with the regulations may sell or transfer in any manner or redeem the units as per regulations framed by SEBI or directions issued by RBI. iv. Downstream investment by an Investment Vehicle shall be regarded as foreign investment if either the Sponsor or the Manager or the Investment Manager is not Indian owned and controlled as defined in Regulation 14 .....

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stment Vehicle that is reckoned as foreign investment shall have to conform to the sectoral caps and conditions / restrictions, if any, as applicable to the company in which the downstream investment is made as per the FDI Policy or Schedule 1 of the Principal Regulations. viii. Downstream investment in an LLP by an Investment Vehicle that is reckoned as foreign investment has to conform to the provisions of Schedule 9 of the Principal Regulations as well as the extant FDI policy for foreign inv .....

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