Opening demat accounts by clearing corporations permitted to hold, pledge and repatriate foreign sovereign securities under FEMA amendment. Amendment permits opening of demat accounts by SEBI-approved clearing corporations and their clearing members with foreign depositories, allowing them to acquire, hold, pledge and transfer foreign sovereign securities offered as collateral by FIIs. It authorises remittance of corporate action proceeds on such securities, and their liquidation with repatriation of proceeds to India, subject to SEBI guidelines, and is given retrospective effect without adversely affecting any person.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Opening demat accounts by clearing corporations permitted to hold, pledge and repatriate foreign sovereign securities under FEMA amendment.
Amendment permits opening of demat accounts by SEBI-approved clearing corporations and their clearing members with foreign depositories, allowing them to acquire, hold, pledge and transfer foreign sovereign securities offered as collateral by FIIs. It authorises remittance of corporate action proceeds on such securities, and their liquidation with repatriation of proceeds to India, subject to SEBI guidelines, and is given retrospective effect without adversely affecting any person.
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