https://www.taxtmi.com/circulars?id=8633 Authorised Dealer Category I banks are delegated authority to permit non resident investors to pledge shares of Indian companies in conformity with the Foreign Direct Investment policy to secure credit. For pledges to Indian banks securing credit to the investee company, transfer on invocation must follow prevailing FDI policy, an auditor's declaration on utilisation of proceeds is required, SEBI disclosure norms must be observed, and pledges must comply with banking regulation. For pledges to overseas banks securing credit to non resident borrowers, loans must be from overseas banks, used abroad without capital inflow to India, transfers on invocation must follow FDI policy, and a CA/CPA declaration on utilisation is required. en-us Mon, 02 May 2011 00:00:00 +0530 Tue, 03 May 2011 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=8633 Authorised Dealer Category I banks are delegated authority to permit non resident investors to pledge shares of Indian companies in conformity with the Foreign Direct Investment policy to secure credit. For pledges to Indian banks securing credit to the investee company, transfer on invocation must follow prevailing FDI policy, an auditor's declaration on utilisation of proceeds is required, SEBI disclosure norms must be observed, and pledges must comply with banking regulation. For pledges to overseas banks securing credit to non resident borrowers, loans must be from overseas banks, used abroad without capital inflow to India, transfers on invocation must follow FDI policy, and a CA/CPA declaration on utilisation is required. Circulars FEMA Mon, 02 May 2011 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8633