Downstream investment: Indian entities must treat and compute indirect foreign investment and comply with foreign investment conditions. Downstream investment by an Indian entity that has received foreign investment is treated as indirect foreign investment and must comply with entry routes, sectoral caps, pricing guidelines and attendant conditions; strategic downstream investments by banks arising from restructuring are counted, while certain restructuring-related investments are excluded. Calculation of total foreign investment applies at every investment stage, includes equity from debt conversions, excludes debt-like instruments, and limits indirect investment in wholly owned subsidiaries. Funding for downstream investments must be from funds brought from abroad or internal accruals; first-level investing companies must ensure multilevel compliance, obtain annual auditor certification and disclose compliance in the directors' report.