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Foreign Exchange Management (Transfer or Issue of Security by a Person
Resident outside India) (Second Amendment) Regulations, 2002
FEMA
Notification No. 76 dated 12th November 2002
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 Regulations 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) (Second Amendment)
Regulations, 2002.
(ii)
They shall come into force on their publication in the Official Gazette.
2.
Amendment of the Regulation: -
(i)
In Regulation 6, the following may be added as sub-Regulation (2) (ii): -
�The
existing non-resident shareholders may apply for issue of additional shares, and
the investee company may allot the same subject to the condition that the
overall issue of shares to non-residents in the total paid-up capital does not
exceed the sectoral cap�.
(ii)
The existing Sub-Regulation 2(ii) and 2(iii) of Regulation 6, may be renumbered
as Sub-Regulation 2(iii) and 2(iv) respectively.
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