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of <h1>India Updates Rules for Issuing Partly Paid Shares, Warrants to Foreign Investors; Emphasizes Compliance with FEMA, Sectoral Caps.</h1> The circular addresses the issuance of partly paid shares and warrants by Indian companies to foreign investors, including Foreign Institutional Investors and Registered Foreign Portfolio Investors. It outlines that these instruments are eligible for Foreign Direct Investment and foreign portfolio investment, subject to compliance with relevant schemes. Pricing must be determined upfront, with 25% of consideration received initially and the remainder within specified periods. Reporting requirements involve detailed documentation, including foreign inward remittance certificates and compliance with Know Your Customer norms. The circular emphasizes compliance with Foreign Exchange Management Act regulations and sectoral caps, requiring prior government approval for certain sectors. Non-Resident Indians can invest on a non-repatriation basis, adhering to applicable guidelines.
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