Minimum FDI capital
	Entity	Activity
Fund based activities*	Unregistered / Exempted	Unregulated	US$ 20 mn
Non-fund based*	Unregistered / Exempted	Unregulated	US$ 2mn

^*Explanatory Note: It is clarified that fund and non-fund based activities shall include, but not limited to,the following activities to the extent that they are- (i)not regulated by any financial sector regulator - this shall include scenarios where the entity is not registered with the concerned sector regulator and/or the entity/activity is exempted under the concerned sector regulations; or (ii)where only part of the financial services activity is regulated; or (iii) where there is a doubt regarding the regulatory oversight:

Fund based activities:Merchant Banking, Under Writing, Portfolio Management Services, Stock Broking, Asset Management, Venture Capital, Custodian Services, Factoring, Leasing & Finance, Housing Finance, Credit Card Business, Micro Credit, Rural Credit

Non-fund based activities: Investment advisory services, Financial Consultancy, Forex Broking, Money Changing Business, Credit Rating Agencies’

Minimum capital requirements for unregulated other financial services set entry thresholds for fund and non fund activities. Minimum capital requirements apply to Other Financial Services unregulated by any financial sector regulator where FDI is permitted under the Government route: higher minima for fund based activities and lower minima for non-fund based activities. The rule covers entities unregistered with or exempted from sector regulators, activities partly regulated, and situations of doubt about regulatory oversight. Fund based activities include merchant banking, underwriting, portfolio management, stock broking, asset management, venture capital, custodian services, factoring, leasing and finance, housing finance, credit card business, micro credit and rural credit; non-fund based activities include investment advisory, financial consultancy, forex broking, money changing and credit rating agencies.