https://www.taxtmi.com/circulars?id=2121 A consolidated amendment Notification (FEMA.120/2004 RB) integrates prior liberalisations to the foreign security regulations. Under the ESOP provision, a resident employee or director may buy equity of a foreign company offering shares where the Indian company has foreign equity of not less than 51 per cent, and where the foreign company holds indirectly through an SPV or step down subsidiary, no prior Reserve Bank permission is required if such indirect holding is not less than 51 per cent. en-us Wed, 09 Feb 2005 00:00:00 +0530 Tue, 24 Sep 2024 11:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=2121 A consolidated amendment Notification (FEMA.120/2004 RB) integrates prior liberalisations to the foreign security regulations. Under the ESOP provision, a resident employee or director may buy equity of a foreign company offering shares where the Indian company has foreign equity of not less than 51 per cent, and where the foreign company holds indirectly through an SPV or step down subsidiary, no prior Reserve Bank permission is required if such indirect holding is not less than 51 per cent. Circulars FEMA Wed, 09 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/circulars?id=2121