Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Amendment) Regulations, 2002

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....tification No.FEMA. 48 /2002-RB dated January 1, 2002 Published in the Official Gazette of Government of India - Extraordinary - Part-II, Section 3, Sub-Section (i) dated 09.04.2002 - G.S.R. No. 258(E) In exercise of the powers conferred by clause (a) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in partial modification of its Notif....

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....f shares of the company outside India shall be made , - i. where the investment is more than US $ 5 (five) million, by a Category I Merchant Banker registered with Securities and Exchange Board of India (SEBI), or an Investment Banker/Merchant Banker outside India registered with the appropriate regulatory authority in the host country; and ii. in all other cases, by a Chartered Accountant or a....

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....hall be accompanied by the valuation of shares of the company outside India, made - i. where the investment is more than US $ 5 (five) million, by a Category I Merchant Banker registered with SEBI or an Investment Banker/Merchant Banker registered with the appropriate regulatory authority in the host country; and ii. in all other cases, by a Chartered Accountant or a Certified Public Accountant....