Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2001

Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2001 https://www.taxtmi.com/notifications?id=3733 The amendment authorises registered brokers to buy shares on recognised exchanges on behalf of non-residents for conversion into ADRs/GDRs, conditioned on Custodian permission and deposit, compliance with the 1993 Depository Receipt Scheme and sectoral caps, and limits on shares purchased to match ADRs/GDRs converted. It also permits Indian companies to sponsor ADR/GDR issues through overseas depositories with lead-manager pricing, repatriation of proceeds within one month, compliance with the 1993 Scheme and notification to the Reserve Bank within thirty days. The foreign ownership ceiling in Schedule 2 is raised to a higher threshold. en-us Fri, 02 Mar 2001 00:00:00 +0530 Wed, 15 Jul 2009 14:11:00 +0530 TaxTMI RSS Generator Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2001 https://www.taxtmi.com/notifications?id=3733 The amendment authorises registered brokers to buy shares on recognised exchanges on behalf of non-residents for conversion into ADRs/GDRs, conditioned on Custodian permission and deposit, compliance with the 1993 Depository Receipt Scheme and sectoral caps, and limits on shares purchased to match ADRs/GDRs converted. It also permits Indian companies to sponsor ADR/GDR issues through overseas depositories with lead-manager pricing, repatriation of proceeds within one month, compliance with the 1993 Scheme and notification to the Reserve Bank within thirty days. The foreign ownership ceiling in Schedule 2 is raised to a higher threshold. Notifications FEMA Fri, 02 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/notifications?id=3733