https://www.taxtmi.com/circulars?id=52834 AD Category-I banks may allow pledge of listed equity shares held by non-resident investors in favour of NBFCs to secure credit to the resident investee company, subject to: only listed shares being eligible; transfer on invocation complying with credit concentration norms and rectification within 30 days if breached; optional ex ante board resolution and ex post statutory auditor certificate evidencing utilisation of loan proceeds for declared purpose; and compliance with applicable SEBI disclosure norms. Directions derive from amended FEMA regulations and are issued under sections 10(4) and 11(1) of the FEMA, 1999. en-us Fri, 06 Jun 2014 00:00:00 +0530 Sat, 07 Jun 2014 09:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=52834 AD Category-I banks may allow pledge of listed equity shares held by non-resident investors in favour of NBFCs to secure credit to the resident investee company, subject to: only listed shares being eligible; transfer on invocation complying with credit concentration norms and rectification within 30 days if breached; optional ex ante board resolution and ex post statutory auditor certificate evidencing utilisation of loan proceeds for declared purpose; and compliance with applicable SEBI disclosure norms. Directions derive from amended FEMA regulations and are issued under sections 10(4) and 11(1) of the FEMA, 1999. Circulars FEMA Fri, 06 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/circulars?id=52834