|
Foreign Exchange Management (Transfer or Issue of Security by a Person
Resident outside India) (First Amendment) Regulations, 2003
FEMA
Notification No. 85 dated 17th January 2003
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) and in
partial modification of its Notification No. FEMA 20/ 2000-RB dated 3rd
May, 2000, the Reserve Bank of India makes the following Regulation to amend the
Foreign Exchange Management (Transfer or Issue of Security by a Person Resident
outside India) Regulations, 2000, namely: -
1.
Short title and commencement:
(i)
These Regulations may be called the Foreign Exchange Management (Transfer
or Issue of Security by a Person Resident outside India) (First Amendment)
Regulations, 2003.
(ii)
They shall come into force on their publication in the Official Gazette.
2.
Amendment of the Regulation
3.
In the Foreign Exchange Management (Transfer
or Issue of Security by a Person Resident outside India) Regulations, 2000,
(hereinafter referred to as �the Principal Regulations�) in Regulation 5,
after Sub-Regulation (5), the following Sub-Regulations shall be added, namely;
�(6)
A registered Foreign Institutional Investor (FII) having valid approval under
FERA, 1973 or under FEMA, 1999 may trade in all exchange traded derivative
contracts approved by SEBI from time to time subject to the limits as prescribed
in by SEBI.
(7)
A Non-Resident Indian (NRI) may invest in exchange traded derivative contracts
approved by SEBI from time to time out of INR funds held in India on non-repatriable
basis subject to the limits prescribed by SEBI. Such investments will not be
eligible for repatriation benefits.�
|