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of <h1>RBI Amends Foreign Exchange Management Regulations: New Rules for Non-Resident Securities and Increased Investment Cap to 49%</h1> The Reserve Bank of India has issued amendments to the Foreign Exchange Management Regulations concerning the transfer or issuance of securities by persons residing outside India. Effective immediately, these amendments allow registered brokers in India to purchase shares on behalf of non-residents for conversion into ADRs/GDRs, subject to certain conditions, including purchasing on recognized stock exchanges and obtaining necessary permissions. Additionally, Indian companies can sponsor ADR/GDR issues against shareholder-held shares, with proceeds repatriated to India within a month. The amendments also increase the investment cap from 40% to 49% in certain cases. Compliance with existing schemes and guidelines is required.
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