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of <h1>RBI Amends Foreign Exchange Management Rules: Indian Firms Can Issue Shares to Foreigners Under New Conditions</h1> The Reserve Bank of India issued amendments to the Foreign Exchange Management Regulations concerning the transfer or issue of security by persons outside India. Effective from October 1, 2004, these changes allow Indian companies to issue equity or preference shares to foreign residents under certain conditions. These include issuing shares against royalties, lump-sum fees, or external commercial borrowings, provided these do not exceed sectoral caps. The amendments also detail reporting requirements for the conversion of these financial instruments into equity, specifying forms and procedures for full or partial conversions.
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