Overseas Direct Investment by Regulated Entities in the Financial Sector

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....tention of the Authorised Dealer (AD - Category I) banks is invited to Regulation 6 and 7 of Notification No.FEMA120 / RB-2004 dated July 7, 2004 [Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2004], as amended from time to time, in terms of which, Indian entities investing in entities engaged in financial services activities overseas have to comp....

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....ancial services activity and will require clearance from the Forward Markets Commission (FMC). The FMC has recently put in place guidelines for allowing FMC registered members of Commodity Exchanges to undertake commodity related activities abroad. Indian entities desirous of setting up of JV/WOS overseas for trading in overseas commodities exchanges may, therefore, approach the FMC for regulatory....