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of <h1>RBI Amends Foreign Exchange Regulations: MSEs Can Issue Shares to Foreign Residents Retroactively from 2009, Subject to FDI Policy</h1> The Reserve Bank of India issued an amendment to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000. Effective retrospectively from February 27, 2009, the amendment allows Micro and Small Enterprises (MSEs) to issue shares or convertible debentures to foreign residents, subject to specific limits and conditions outlined in the Foreign Direct Investment Policy. Industrial undertakings not classified as MSEs can issue shares to foreign residents up to 24% of their paid-up capital, with any excess requiring approval from the Foreign Investment Promotion Board. The amendment clarifies definitions and investment limits for MSEs under the MSMED Act, 2006.
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