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

FEMA - 372/2016-RB - Dated:- 27-10-2016 - RESERVE BANK OF INDIA (Foreign Exchange Department) (Central Office) NOTIFICATION No.FEMA. 372/ 2016-RB Mumbai, the 27th October, 2016 G.S.R. 1015 (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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B, the existing entries F.1, F.1.1 and F.1.1.2 shall be substituted by the following: F.1 Asset Reconstruction Companies F.1.1 Asset Reconstruction Company 100% Automatic F.1.1.2 Other Conditions (i) Persons resident outside India can invest in the capital of Asset Reconstruction Companies (ARCs), up to 100% under the automatic route. (ii) Investment limit of a sponsor in the shareholding of an ARC will be governed by the provisions of Securitisation and Reconstruction of Financial Assets and E .....

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