Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Seventh Amendment) Regulations, 2014.

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....ereby makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 (Notification No. FEMA 20 / 2000-RB dated 3rd May 2000), namely:- 1. Short Title & Commencement:- (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Seventh Amendment) Regulations, 2014. (ii) They shall come into force from the date of their publication in the Official Gazette. 2. Amendment of Regulation:- In Regulation 9, in sub-regulation (1), (a) in clause (i), for the words "market price determined on the floor of the recognised stock exchanges" the words "market price prevailing o....

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.... or not less than the fair price worked out as per any internationally accepted pricing methodology for valuation of shares on arm's length basis, duly certified by a SEBI registered Merchant Banker or Chartered Accountant, as applicable." (iii) In Schedule 2A, in paragraph 2, in sub-paragraph (iv), in proviso, the existing clause (b) shall be substituted by the following, namely:- "b) in case of issue by private placement, the price is not less than the price arrived in terms of SEBI guidelines or not less than the fair price worked out as per any internationally accepted pricing methodology for valuation of shares on arm's length basis, duly certified by a SEBI registered Merchant Banker or Chartered Accountant, as applicable." (....