Foreign investment ceilings in commodity exchanges: compliance deadline extended; failure to comply constitutes FEMA violation. The Government requires affected commodity exchanges to comply with the foreign investment ceilings and related conditions of Press Note 2(2008) by 31.03.2010; exchanges must submit a status report of foreign investment as of 30.09.2009, equity structure, and corrective steps to DIP&P, Department of Consumer Affairs, FIPB, the Forward Market Commission and SEBI. Non-compliance after the date will be a violation of the Foreign Exchange Management Act.
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Provisions expressly mentioned in the judgment/order text.
Foreign investment ceilings in commodity exchanges: compliance deadline extended; failure to comply constitutes FEMA violation.
The Government requires affected commodity exchanges to comply with the foreign investment ceilings and related conditions of Press Note 2(2008) by 31.03.2010; exchanges must submit a status report of foreign investment as of 30.09.2009, equity structure, and corrective steps to DIP&P, Department of Consumer Affairs, FIPB, the Forward Market Commission and SEBI. Non-compliance after the date will be a violation of the Foreign Exchange Management Act.
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