Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Amendment) Regulations, 2010 - ربی - Reserve Bank of India
Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Amendment) Regulations, 2010
Annex-II Reserve Bank of India Notification No. FEMA 205/2010- RB Dated April 7 , 2010 Foreign Exchange Management (Transfer or Issue of Security by a Person In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby 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) (Amendment) Regulations, 2010. (ii) They shall come into force from the date of their publication in the Official Gazette. 2. Amendment of Regulation 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), (hereafter referred to as "the principal regulations") (i) In Regulation 6, in sub-Regulation (2), for clause (iv), the following shall be substituted, namely:- “(iv) The offer on right basis to the persons resident outside India shall be: (a) in the case of shares of a company listed on a recognized stock exchange in India, at a price as determined by the company; (b) in the case of shares of a company not listed on a recognized stock exchange in India, at a price which is not less than the price at which the offer on right basis is made to resident shareholders.” (ii) In Schedule 1, for paragraph 5, the following paragraph shall be substituted, namely:- "5. Issue price Price of shares issued to persons resident outside India under this Schedule, shall not be less than -
(Salim Gangadharan) Foot Note: The Principal Regulations were published in the Official Gazette vide G.S.R.No. 406(E) dated May 8, 2000 in Part II, Section 3, sub-section (i) and subsequently amended as under: G.S.R.No. 158(E) dated 02.03.2001
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