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TMI BlogForeign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fifth Amendment) Regulations, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... agement (Transfer or Issue of Security by a Person Resident outside India) (Fifth Amendment) Regulations, 2016 G.S.R. 369(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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ap Entry route F.7.1 Insurance (i) Insurance Company (ii) Insurance Brokers (iii) Third Party Administrators (iv) Surveyors and Loss Assessors (v) Other Insurance Intermediaries appointed under the provisions of Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) 49% Automatic F.7.2 Other Conditions a) No Indian Insurance Company shall allow the aggregate holdings by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all ensure that its ownership and control remains at all times in the hands of resident Indian entities as determined by Department of Financial Services/Insurance Regulatory and Development Authority of India as per the rules/regulation issued by them from time to time e) Foreign portfolio investment in an Indian Insurance Company shall be governed by the provisions contained in sub-regulations ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Regulatory and Development Authority of India to function as an insurance intermediary, the foreign equity investment caps applicable in that sector shall continue to apply, subject to the condition that the revenues of such entities from their primary(i.e., non-insurance related) business must remain above 50 percent of their total revenues in any financial year. i) The provisions of paragraphs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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