Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Tenth Amendment) Regulations, 2013 - 279/2013-RB - Foreign Exchange Management

RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION No. 279/2013-RB Mumbai, the 10 th July, 2013 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Tenth Amendment) Regulations, 2013 G.S.R. 591(E).- 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 3 rd May 2000) , hereinafter called' Principal Regulations' 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) (Tenth Amendment) Regulations, 2013. (ii) They shall come into force from the date of their publication in the Official Gazette. 2. Amendment of Regulation After Regulation 10 C, the following shall be added, D. A non-resident including Non Resident Indian may acquire shares of a listed Indian company on the recognised stock exchange through a registered broker under FDI Scheme provided that; a. The non-resident investor has already acquired the control in accordance with SEBI (Substantial Acquisition of Shares and Takeover) Regulations and continues to hold such control; b. The amount of consideration for purchase of shares on the recognised stock exchange for transfer to non-residents may be paid as specified in para 8 of Schedule 1 to Notification No. FEMA.20/2000-RB dated 3 rd May, 2000 or out of the dividend payable by Indian investee company in which the non- resident has acquired and continues to hold the control in accordance with SEBI (Substantial Acquisition of Shares and Takeover) Regulations, provided the right to receive dividend is established and the dividend amount has been credited to specially designated non-interest bearing rupee account for acquisition of shares on the recognised stock exchange". [No. FEMA 279/2013-RB] RUDRA NARAYAN KAR, Chief General Manager-in-Charge Foot Note : The Principal Regulations were published in the Official Gazette vide G.S.R. No.406 (E) dated May 8, 2000 in Part Il, Section 3, sub-section (i) and subsequently amended as under G. S. R. No. 158 (E) dated 02.03.2001 G.S.R.No. 175 (E) dated 13.03.2001 G. S. R. No. 182 (E) dated 14.03.2001 G.S. R. No. 4 (E) dated 02.01.2002 G. S. R. No. 574 (E) dated 19.08.2002 G.S.R.No. 223(E) dated 18.03.2003 G.S.R.No. 225(E) dated 18.03.2003 G. S.R. No. 558 (E) dated 22.07.2003 G. S.R. No. 835 (E) dated 23.10.2003 G.S.R.No. 899 (E) dated 22.11.2003 G.S. R.No. 12 (E) dated 07.01.2004 G.S.R.No. 278(E) dated 23.04.2004 G.S.R.No. 454(E) dated 16.07.2004 G.S. R. No. 625(E) dated 21.09.2004 G.S.R.No. 799 (E) dated 08.12.2004 G. S, R. No. 201(E) dated 01.04.2005 G.S.R.No. 202(E) dated 01.04.2005 G. S. R. No. 504 (E) dated 25.07.2005 G. S. R, No. 505 (E) dated 25.07.2005 G. S. R. No. 513 (E) dated 29.07.2005 G.S.R.No. 738 (E) dated 22.12.2005 G. S. R. No. 29 (E) dated 19.01.2006 G.S. R. No. 413(E) dated 11.07.2006 G.S.R.No. 712 (E) dated 14.11.2007 G.S.R.No. 713 (E) dated 14.11.2007 G.S.R.No. 737 (E) dated 29.11.2007 G. S. R. No. 575 (E) dated 05.08.2008 G.S.R.No. 896 (E) dated 30.12.2008 G.S.R.No. 851(E) dated 01.122009 G.S.R.No. 341 (E) dated 21.04.2010 G.S.R.No. 606(E) dated 03.08.2012 G.S.R.No. 795(E) dated 30.10.2012 G.S.R.No. 796(E) dated 30.10.2012 G.S.R. No. 797(E) dated 30.10.2012 G.S.R. No.821(E) dated 10.11.2012 G.S.R. No.946(E) dated 31.12.2012 G.S.R.No. _________dated_______ G.S.R. No.38(E) dated 22.01.2013 G.S.R.No.______dated_________ G.S.R.No._______dated________ G.S.R.No. ________dated________ G.S.R.No.341(E) dated 28.05.2013, G.S.R.No._______dated__________ G.S.R.No.195(E) dated 01.04.2013, G.S.R.No.393(E) dated 21.06.2013