Setting up of step down (operating) subsidiaries by NBFCs having foreign investment above 75% and below 100% and with a minimum capitalisation of US$ 50 million - amendment of paragraph 6.2.24.2 (1) (iv) of 'Circular 1 of 2012- Consolidated FDI Policy'

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....inistry of Commerce & Industry Department of Industrial Policy & Promotion Press Note No. 9 (2012 Series) Subject: Setting up of step down (operating) subsidiaries by NBFCs having foreign investment above 75% and below 100% and with a minimum capitalisation of US$ 50 million - amendment of paragraph 6.2.24.2 (1) (iv) of 'Circular 1 of 2012- Consolidated FDI Policy' 1.0 Present Position....

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...., to set up step down subsidiaries for specific NBFC activities, without any restriction on the number of operating subsidiaries and without bringing in additional capital. 3.0 Amendment to paragraph 6.2.24.2 (1) (iv): 3.1 Accordingly, Paragraph 6.2.24.2 (1) (iv) of Circular 1 of 2012- Consolidated FD1 Policy', effective from 10.4.2012, is amended to read as below: NBFCs (i) having foreig....