Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Third Amendment) Regulations, 2009 - 192/RB-2009 - Foreign Exchange Management

Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Third Amendment) Regulations, 2009 NOTIFICATION Mumbai, the 25th May, 2009 No. FEMA 192/RB-2009 Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Third Amendment) Regulations, 2009. G.S.R. 441(E) - In exercise of the powers conferred by clause (a) of sub-section (3) of section 6 and sub-section (2) of 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 Any Foreign Security) Regulations, 2004, ( Notification No. FEMA 120/RB-2004, dated July 7, 2004 ), namely :- 1. Short Title and Commencement. - (i) These Regulations shall be called the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Third Amendment) Regulations, 2009. (ii) These Regulations shall be deemed to have come into effect from the 6th day of September, 2006. 2. Amendment of Regulation 6. - 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 the principal Regulations. In Regulation 6 in clause (1), for the brackets, figures and words '(and Regulation 7 in case investment in financial services sector)' the brackets, figures and words '(and Regulation 7 in case investment by an Indian Party engaged in financial services sector)' shall be substituted. 3. Amendment of Regulation 7. - In the principal Regulations, in Regulation 7,- (i) For the title, the following new title shall be substituted namely,- "Investment by Indian Party engaged in Financial Services Sector" (ii) For sub-regulation (1), the following shall be substituted, namely :- "(1) Subject to the Regulations in Part I, an Indian Party engaged in financial services sector in India may make investment in an entity outside India." [F. No. 1/23/EM/2000-Vol. IV] SALIM GANGADHARAN, Chief General Manager Footnote :- (i) The Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 were published in the Official Gazette vide No. G.S.R. 757 (E) dated November 19, 2004 and subsequently amended vide - No. G.S.R. 220(E) dated April 7, 2005, No. G.S.R. 337(E) dated May 27, 2005, No. G.S.R. 552(E) dated August 31, 2005, No. G.S.R. 535(E) dated September 6, 2006, No. G.SR. 13(E) dated January 5, 2008, No. G.S.R. 209(E) dated March 25, 2008, No. G.S.R. 676(E) dated September 24, 2008, No. G.S.R. 756(E) dated October 31, 2008, No. G.S.R. No. 108(E) dated February 20, 2009, No. G.S.R. 301(E) dated May 1, 2009. (ii) It s clarified that no person will be adversely affected as a result of retrospective effect being given to these Regulations.