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of <h1>India Sets 49% Cap on Foreign Investment in Commodity Exchanges; Compliance Deadline Extended to March 31, 2010.</h1> The Government of India has outlined guidelines for foreign investment in Commodity Exchanges, setting a composite ceiling of 49% with prior approval. Within this, the Portfolio Investment Scheme is capped at 23% and the FDI Scheme at 26%. No foreign investor can hold more than 5% equity. Existing exchanges exceeding these limits were initially given until 30.09.2009 to comply, which has now been extended to 31.03.2010. Exchanges must report their foreign investment status as of 30.09.2009 and detail compliance steps. Non-compliance by 31.03.2010 will breach the Foreign Exchange Management Act, 1999.
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