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of <h1>RBI Amends Forex Regulations: Caps Foreign Investment in Indian Insurance at 49% with Conditions on Ownership and Control.</h1> The Reserve Bank of India issued the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fifth Amendment) Regulations, 2016, effective from its publication date. This amendment modifies the Foreign Exchange Management Regulations, 2000, particularly affecting the insurance sector. It stipulates that foreign investment in Indian insurance companies is capped at 49% of their paid-up equity capital, allowed under the automatic route, subject to approval by the Insurance Regulatory and Development Authority of India. The amendment ensures that ownership and control of Indian insurance companies remain with resident Indian entities and outlines specific conditions for foreign portfolio investments and intermediary roles.
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