FEM (TRANSFER OR ISSUE OF SECURITY BY A PERSON RESIDENT OUTSIDE INDIA) (AMENDMENT) REGULATIONS, 2017 – AMENDMENT IN SCHEDULE 1
NOTIFICATION NO. FEMA.383/2017-RB/GSR 17(E), DATED 10-1-2017
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 outside India) Regulations, 2000 (Notification No. FEMA. 20/2000-RB dated 3rd May, 2000) (hereinafter referred to as ‘the Principal Regulations’), namely:—
Short Title & Commencement
1. (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2017.
(ii) They shall come into force from the date of their publication in the Official Gazette.
Amendment to Schedule 1
2. In Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, (Notification No. FEMA 20/2000-RB dated 3rd May 2000), in Schedule 1, in Annex B.
A. The existing Paragraph F.4 shall be substituted by the following namely:—
|“F.4||Infrastructure Company in the Securities Market|
|F.4.1||Infrastructure companies in Securities Markets, namely, stock exchanges, commodity derivative exchanges, depositories and clearing corporations, in compliance with SEBI Regulations.||49%||Automatic|
B. The existing Paragraph F.6 shall be deleted.
C. The existing Paragraphs F.7, F.8, F.9 and F.10 shall be re-numbered as F.6, F.7, F.8 and F.9 respectively.