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of <h1>Foreign residents except Pakistan and Bangladesh can invest in investment vehicle units under FEMA regulations</h1> Foreign residents excluding those from Pakistan and Bangladesh may invest in investment vehicle units under FEMA regulations. Investors can sell, transfer, or redeem units per SEBI regulations or RBI directions. Investment vehicles may issue units against equity instrument swaps of Special Purpose Vehicles. Downstream investments are classified as indirect foreign investment if sponsors, managers, or investment managers are foreign-owned or controlled. Alternative Investment Fund Category III with foreign investment must limit portfolio investments to FPI-permitted securities. Payment modes and remittance conditions require RBI specification.
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