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TMI BlogForeign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Third Amendment) Regulations, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 & Commencement:- (i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2016. (ii) They shall come into force from the date of publication in the Official Gazette. 2. Amendment to Regulation 2 A. After the existing sub-regulation (ii), a new sub-regulation shall be inserted namely:- "(iiA) 'Category I Alternative Investment Fund (Cat-I AIF)' means an Alternative Investment Fund registered under the Securities and Exchange Board ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing product or service or process that will create or add value for customers or workflow. Provided that it will not include the mere act of developing (a) products or services or processes which do not have potential for commercialization; or (b) undifferentiated products or services or processes or (c) products or services or processes with no or limited incremental value for customers or workflow. 3. Amendment to Regulation 5 In Regulation 5, the existing sub-regulation (5) shall be substituted by the following namely:- "(5) A Foreign Venture Capital Investor registered with SEBI may make investment in the manner and subject to the terms and conditions specified in Schedule 6." 4. Amendment to Schedule 6 In the principal regulati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... channels or out of sale / maturity proceeds or income generated from investment already made as stated earlier. 2. Maintenance of account by the registered FVCI A registered FVCI may open a foreign currency account and/or a rupee account with a designated branch of an Authorised Dealer subject to the condition that the account will be used only and exclusively for transactions under this Schedule. 3. Transfer of investments The FVCI may acquire, by purchase or otherwise, from, or transfer, by sale or otherwise, to, any person resident or nonresident, any security / instrument it is allowed to invest in, at a price that is mutually acceptable to the buyer and the seller/issuer. The FVCI may also receive the proceeds of the liquidation o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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