Transfer or Issue of Security by a Person Resident outside India - 035/2001 - Foreign Exchange Management

Transfer or Issue of Security by a Person Resident outside India EXCHANGE CONTROL DEPARTMENT CENTRAL OFFICE MUMBAI - 400 001 Notification No. FEMA 35 /2001-RB. dated 16 February 2001 Published in the Official Gazette of Government of India - Extraordinary - Part-II, Section 3, Sub-Section (i) dated 14.03.2001 - G.S.R. No. 182(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) and in partial modification of its Notification No.FEMA 20/2000-RB dated 3 rd May 2000, the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, as amended from time to time, namely:- 1. (1) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2001. (2) They shall come into force with immediate effect. In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, in Regulation 5, (i) after Sub-regulation (2), the following proviso shall be added, namely: 'Provided that the FII shall not purchase shares or convertible debentures of an Indian company which is engaged in the print media sector.' (ii) after Sub-regulation (3), the following proviso shall be added, namely: 'Provided that the NRI/OCB shall not purchase shares or convertible debentures of an Indian company which is engaged in the print media sector.' (iii) after Sub-regulation (5), the following proviso shall be added, namely: 'Provided that the Foreign Venture Capital Investor shall not purchase shares or convertible debentures of an Indian company which is engaged in the print media sector.' Sd/- (J. Capoor) Deputy Governor