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of <h1>Amendment to 2004 Regulations Introduces Foreign Currency Exchangeable Bonds, Sets Issuer Criteria and Compliance Rules</h1> The Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Second Amendment) Regulations, 2009, issued by the Reserve Bank of India, amends the 2004 regulations to include provisions for Foreign Currency Exchangeable Bonds (FCEBs). These bonds, payable in foreign currency, can be issued by eligible companies to foreign residents and are exchangeable into equity shares of listed companies. The amendments specify eligibility criteria for issuers and subscribers, permissible uses of FCEB proceeds, and compliance requirements with existing foreign exchange regulations. The regulations, effective retrospectively from September 23, 2008, require Reserve Bank approval and adherence to specified conditions.
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