Regulation 3 - Restriction on investment by a person resident outside India - Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017

3. Restriction on investment by a person resident outside India Save as otherwise provided in the Act, or rules or regulations made thereunder, no person resident outside India shall make any investment in India. Provided that an investment made in accordance with the Act or the rules or the regulations framed thereunder and held on the date of commencement of these Regulations, shall be deemed to have been made under these Regulations and shall accordingly be governed by these Regulations. Provided further that the Reserve Bank may, on an application made to it and for sufficient reasons, permit a person resident outside India to make any investment in India subject to such conditions as may be considered necessary.