Retrospective amendment to foreign exchange derivative regulations removes listing requirement for contracts, broadening eligibility under FEMA. The Second Amendment Regulations, 2009 omit the words 'and listed on a recognised stock exchange' from Regulation 6(II) of the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000, thereby removing the listing requirement for certain derivative contracts. The amendment is made under clause (h) of sub section (2) of Section 47 of the Foreign Exchange Management Act, 1999, and is deemed to have come into effect from 3 June 2008 with a clarification that no person will be adversely affected by its retrospective effect.
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Retrospective amendment to foreign exchange derivative regulations removes listing requirement for contracts, broadening eligibility under FEMA.
The Second Amendment Regulations, 2009 omit the words "and listed on a recognised stock exchange" from Regulation 6(II) of the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000, thereby removing the listing requirement for certain derivative contracts. The amendment is made under clause (h) of sub section (2) of Section 47 of the Foreign Exchange Management Act, 1999, and is deemed to have come into effect from 3 June 2008 with a clarification that no person will be adversely affected by its retrospective effect.
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