Prohibition on issuing foreign securities: exceptions permit FCCBs and FCEBs subject to prescribed conditions and Reserve Bank approval. Regulation 21 prohibits persons resident in India from issuing or transferring foreign securities, but permits an Indian company or body corporate to issue Foreign Currency Convertible Bonds to non-residents under Schedule I up to a prescribed threshold and beyond that with Reserve Bank approval. The Reserve Bank, with the Government, may change provisions for automatic and approval routes. The regulation also permits issuance of Foreign Currency Exchangeable Bonds with Reserve Bank approval under Schedule IV. Issuers must report within thirty days details of amounts issued, investor names and allocations, and repatriation or account debit evidence.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Prohibition on issuing foreign securities: exceptions permit FCCBs and FCEBs subject to prescribed conditions and Reserve Bank approval.
Regulation 21 prohibits persons resident in India from issuing or transferring foreign securities, but permits an Indian company or body corporate to issue Foreign Currency Convertible Bonds to non-residents under Schedule I up to a prescribed threshold and beyond that with Reserve Bank approval. The Reserve Bank, with the Government, may change provisions for automatic and approval routes. The regulation also permits issuance of Foreign Currency Exchangeable Bonds with Reserve Bank approval under Schedule IV. Issuers must report within thirty days details of amounts issued, investor names and allocations, and repatriation or account debit evidence.
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