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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Unlisted Indian firms can raise foreign capital without domestic listing for 2 years under amended 1993 scheme, subject to conditions.</h1> The circular amends the 1993 scheme for issuing Foreign Currency Convertible Bonds and Ordinary Shares through Depository Receipt Mechanism. Unlisted Indian companies can now raise capital abroad without prior or subsequent domestic listing for two years, subject to conditions. These include listing in compliant jurisdictions, adhering to sectoral caps, pricing norms, and FDI regulations. Capital raised must be used for overseas debt retirement or operations, with unutilized funds repatriated to India within 15 days. Companies must report to the Reserve Bank, and banks are instructed to inform their clients. The circular is issued under the Foreign Exchange Management Act, 1999.
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