Minimum capitalisation requirement imposed for non fund based financial advisory and consultancy activities, affecting foreign equity investment approvals. Amends foreign equity investment norms for the Non Banking Financial Services sector to impose a minimum capitalisation requirement of US$ 0.5 million for non fund based advisory or consultancy activities, irrespective of foreign equity participation, and applies this requirement to investment advisory services, financial consultancy, credit reference agencies, credit rating agencies, forex broking and money changing business; other provisions of the earlier Press Notes remain applicable.
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Provisions expressly mentioned in the judgment/order text.
Minimum capitalisation requirement imposed for non fund based financial advisory and consultancy activities, affecting foreign equity investment approvals.
Amends foreign equity investment norms for the Non Banking Financial Services sector to impose a minimum capitalisation requirement of US$ 0.5 million for non fund based advisory or consultancy activities, irrespective of foreign equity participation, and applies this requirement to investment advisory services, financial consultancy, credit reference agencies, credit rating agencies, forex broking and money changing business; other provisions of the earlier Press Notes remain applicable.
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