Thursday, April 12, 2012

RBI ISSUES NORMS FOR RAISING AGGREGATE FIIs / NRI LIMITS FOR INVESTMENTS UNDER PIS

The Reserve Bank of India (RBI) has clarified that the Indian company raising the aggregate FII
investment limit of 24 per cent to the sectoral cap/ statutory limit, as applicable to the respective
Indian company or raising the aggregate NRI investment limit of 10 per cent to 24 per cent, should necessarily intimate the same to the Reserve Bank of India (RBI), immediately, as hitherto, along with a Certificate from the Company Secretary stating that all the relevant provisions of the extant Foreign Exchange Management Act, 1999 regulations and the  Foreign Direct Policy, as amended from time to time, have been complied with.

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