Foreign Exchange Management (Transfer or Issue of Security by A Person Resident Outside India) (Amendment) Regulations, 2008 - 175/2008-RB - Foreign Exchange Management

Foreign Exchange Management (Transfer or Issue of Security by A Person Resident Outside India ) (Amendment) Regulations, 2008 MINISTRY OF FINANCE (Department of Economic Affairs) (EM Section) RESERVE BANK OF INDIA (Foreign Exchange Department) (Central Office) NOTIFICATION No FEMA 175/2008-RB Mumbai, the 22nd February, 2008 G.S.R. 575(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 3rd May, 2000 ) namely:— 1. Short title and commencement : (1) These regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by A Person Resident Outside India) (Amendment) Regulations, 2008. (ii) These shall be deemed to have come into force from December31, 2007. @ 2. Amendment of the Regulations: 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 ), in Schedule 2 , in paragraph 1, after sub-paragraph (5), the following new paragraph shall be inserted, namely :— "(6) A registered FII may, undertake short selling as well as lending and borrowing of securities subject to such conditions as may be stipulated by the Reserve Bank of India and the SEBI from time to time." [F. No. 1/23/EM/2000-Vol. IV] SALIM GANGADHARAN, chief General Manager Foot Note.—@(i) It is clarified that no person will be adversely affected as a result of retrospective effect being given to these Regulations. (ii) The Principal Regulations were published in the Official Gazette vide No. G.S.R. 406(E), dated May 8,2000 in Part II, Section 3, Sub-section (i) and subsequently amended as under :— No. G.S.R 158(E), dated 2-3-2001 No. G.S.R. 175(E), dated 13-3-2001 No. G.S.R. 182(E), dated 14-3-2001 No. G.S.R. 4(E), dated 2-1-2002 No. G.S.R. 574(E), dated 19-8-2002 No. G.S.R 223(E), dated 18-3-2003 No. G.S.R. 225(E), dated 18-3-2003 No. G.S.R. 558(E), dated 22-7-2003 No. G.S.R. 835(E), dated 23-10-2003 No. G.S.R. 899(E), dated 22-11-2003 No. G.S.R. 12(E), dated 7-1-2004 No. G.S.R. 278(E), dated 23-4-2004 No. G.S.R. 454(E), dated 16-7-2004 No. G.S.R. 625(E), dated 21-9-2004 No. G.S.R. 799(E), dated 8-12-2004 No. G.S.R. 201(E), dated 1-4-2005 No. G.S.R. 202(E), dated 1-4-2005 No. G.S.R. 504(E), dated 25-7-2005 No. G.S.R. 505(E), dated 25-7-2005 No. G.S.R. 513(E), dated 29-7-2005 No. G.S.R. 738(E), dated 22-12-2005 No. G.S.R. 29(E), dated 19-1-2006 No. G.S.R 413(E), dated 11-7-2006 No. G.S.R. 712(E), dated 14-11-2007 No. G.S.R. 713(E), dated 14-11-2007 No. G.S.R. 737(E), dated 29-11-2007