Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Second Amendment) Regulations, 2008

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....9), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004 (Notification No. FEMA. 120/RB-2004 dated July 7,2004) namely :— 1. Short Title & Commencement:- (I) These Regulations shall be called the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Second Amendment) Regulations, 2008. (ii) These Regulations shall be deemed to have come into effect from the dates specified in these regulations. 2. Amendment of Regulation 2:- In the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004, (Notification No. FEMA/120/RB-2004 dated July 7, 2004, hereinafter referred as ....

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.... The proposed investment should be approved by the trustee/s. (iv) The Authorised Dealer bank is satisfied that the Trust is KYC (Know Your Customer) compliant and is engaged in a bonafide activity. (v) The Trust has been in existence at least for a period of three years. (vi) The Trust has not come under the adverse notice of any Regulatory / Enforcement agency 'like the Directorate of Enforcement, CBI etc. Society            (i)The Society should be registered under the Societies Registration Act, 1860. (ii) The Memorandum of Association and rules and regulations permit the Society to make the proposed investment which should also be approved by the governing body/co....