Prohibition on issue of foreign security by a person resident in India

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..... on on issue of foreign security by a person resident in India. (1) Save as otherwise provided in the Act or in sub-regulation (2), no person resident in India shall issue or transfer a foreign security. (2) A person resident in India, being an Indian Company or a Body Corporate created by an Act of Parliament. (i) may issue FCCBs not exceeding 2 [ USD 750 Million ] to a person resident outside Ind .....

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..... Bs. ] (3) The company/body corporate referred to in sub-regulation (2), issuing the FCCBs shall, within 30 days from the date of issue, furnish a report to the Reserve Bank giving the details and documents as under: a. Total amount for which FCCBs have been issued, b. Names of the investors resident outside India and number of FCCBs issued to each of them. c. The amount repatriated to India throug .....

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