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    July 4, 2008
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    Foreign direct investment approvals authorise varied equity inflows and company status changes while several proposals remain deferred.
    Approval of 28 foreign investment proposals across multiple sectors authorizes varied modes of inward investment including equity introductions, majority and minority stakes, establishment of wholly owned subsidiaries, conversions to holding cum operating companies, downstream investments, share transfers and issuance of compulsorily convertible instruments; several approvals invoke compliance with applicable Press Notes, some note no fresh foreign exchange inflow due to internal restructurings, one proposal advised to access the automatic route, and 11 proposals were deferred for further consideration.
    July 2, 2008
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    Foreign investment in non-banking finance companies permitted up to full ownership automatically, subject to capitalization norms and RBI compliance
    The corrigendum restates that specified Non-Banking Finance Company activities are eligible for up to 100% foreign investment on the automatic route, subject to minimum capitalization norms for fund based and non fund based NBFCs, conditions permitting wholly foreign owned operating subsidiaries when prescribed capital is brought in, subsidiary capital compliance for joint venture NBFCs with limited foreign equity, and adherence to Reserve Bank of India guidelines; minimum capitalization is to consist of ordinary shares and applies where foreign holding (direct and indirect) exceeds the specified thresholds.

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