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of <h1>RBI Derecognizes OCBs as Investors Under Foreign Exchange Management Regulations; New Investments and Account Openings Prohibited.</h1> The Reserve Bank of India, in consultation with the government, has derecognized Overseas Corporate Bodies (OCBs) as an eligible investor class under the Foreign Exchange Management Regulations. This decision follows a review based on recommendations from the Joint Parliamentary Committee on the Security Market Scam. OCBs are prohibited from making new investments in India under various schemes, including the Portfolio Investment Scheme and Foreign Direct Investment Scheme. They cannot open new NRE, FCNR, or NRO accounts, and existing accounts must be closed or allowed to mature without renewal. Restrictions also apply to borrowing and deposit activities involving OCBs. Notifications amending relevant regulations will be issued separately.
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