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TMI BlogForeign Exchange Management (Transfer or Issue of any Foreign Security) (Second Amendment) Regulations, 2014X X X X Extracts X X X X X X X X Extracts X X X X ..... ments in the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 ( Notification No. FEMA.120/RB-2004 dated July 7, 2004 ), as amended from time to time, (hereinafter called the Principal Regulations or the Notification) namely : 1. Short Title and Commencement: (i) These Regulations shall be called the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Second Amendment) Regulations, 2014. (ii) They shall come into force from the date of publication in the Official Gazette. 2. Amendment to Regulation 6 A. In sub-regulation (2), the existing clause (iv) shall be substituted with the following, namely: (iv) The Indian Party has submitted Annual Perfor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he valuation of shares of the company outside India, made- (i) where the investment is more than USD 5 (five) million, by a Category I Merchant Banker registered with SEBI or an Investment Banker / Merchant Banker registered with the appropriate regulatory authority in the host country; and (ii) in all other cases, by a Chartered Accountant or a Certified Public Accountant. (b) for the purposes of investment by acquisition of shares of an existing company outside India where the consideration is to be paid fully or partly by issue of the Indian party s shares, shall be accompanied by the valuation carried out by a Category I Merchant Banker registered with the SEBI or an Investment Banker / Merchant Banker registered with the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... obtained, the Indian Party shall submit application in Form ODI , as prescribed by the Reserve Bank from time to time, to Reserve Bank for obtaining approval for the foreign direct investment in the manner specified in Regulation 9 , or 5. Amendment to Regulation 15 The existing sub-regulation (iii) shall be substituted with the following, namely: (iii) submit to the Reserve Bank, through the designated Authorised Dealer, every year on or before a specified date, an Annual Performance Report (APR) in Part III of Form ODI , as prescribed by the Reserve Bank from time to time, in respect of each JV or WOS outside India, and other reports or documents as may be prescribed by the Reserve Bank from time to time. The APR, so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... within 30 days of making the remittance. B. for the para (2), the following shall be substituted, namely: (2) The investment, as made by a resident individual, shall be reported by the designated authorised dealer to the Reserve Bank in Form ODI Part I and II , as prescribed by the Reserve Bank from time to time, within 30 days of making the remittance. C. for the para (4), the following shall be substituted, namely: (4) The disinvestment by the resident individual may be reported by the designated AD to the Reserve Bank in Part IV of Form ODI , as prescribed by the Reserve Bank from time to time, within 30 days of receipt of disinvestment proceeds. [F. No. 1/26/EM/2014] C.D. SRINIVASAN, Chief ..... X X X X Extracts X X X X X X X X Extracts X X X X
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