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of <h1>Indian Residents Restricted from Subscribing to ECB Bonds Abroad; AD Banks Must Ensure FEMA Compliance</h1> Persons resident in India are not permitted to subscribe to bonds issued by eligible External Commercial Borrowing (ECB) borrowers in overseas centers or International Financial Services Centres (IFSCs) under the ECB framework. Authorized Dealer (AD) banks must ensure compliance, preventing any direct or indirect exposure to such borrowings by Indian residents, except for foreign branches or subsidiaries of Indian banks abroad or other permitted entities. Violations of these guidelines may result in penal action as prescribed under the Foreign Exchange Management Act (FEMA).
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