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of <h1>RBI Amends Regulation 7: Indian Firms Can Issue Bonus Non-Convertible Redeemable Shares to Non-Residents with Court Approval.</h1> The Reserve Bank of India issued the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fifteenth Amendment) Regulations, 2013, effective upon publication in the Official Gazette. The amendment modifies Regulation 7 of the 2000 regulations, allowing Indian companies, with court-approved schemes, to issue non-convertible redeemable preference shares or debentures as bonuses to non-resident shareholders. This is subject to compliance with acquisition conditions, Companies Act provisions, court-approved scheme terms, obtaining a 'No Objection Certificate' from the Income Tax authority, and not engaging in restricted activities or sectors listed in Annex A to Schedule 1.
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