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of <h1>RBI Amends Foreign Exchange Regulations: Indian Promoters Can Pledge Shares for ECBs with Bank Approval, Effective October 2008</h1> The Reserve Bank of India issued amendments to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000. A new Regulation 12 allows promoters of Indian companies with external commercial borrowings (ECBs) to pledge shares to secure these borrowings, subject to obtaining a no-objection from an authorized bank. Conditions for the no-objection include compliance with ECB guidelines, signed loan agreements, and a security clause in the loan agreement. Amendments also include changes to Schedule 5, effective from October 17, 2008, and clarify that no person will be adversely affected by the retrospective application of these regulations.
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