Prior approval requirement for foreign establishments in India: exemptions for regulated banks, insurers, and compliant SEZ branches. Non-residents are prohibited from opening a branch, liaison, project office, or any other place of business in India without prior approval of the Reserve Bank; exemptions apply where foreign banks and insurers hold applicable regulatory approvals, and where branch offices in Special Economic Zones operate in sectors permitting full foreign investment, comply with companies law, and function on a stand-alone basis.