26 February, 2016
Amendments have been made to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2002, which deals with foreign direct investment (FDI) in India.
The amendments are mostly conforming changes, to reflect changes already made to the FDI Policy in November 2015, with effect from May 2015 (refer our December 8, 2015 newsletter).
For example, clarifying “ownership and control” with respect to LLPs, clarifying downstream investment by LLPs, and taking cognizance of applicable provisions of the Companies Act, 2013) and the definition of the term “manufacture”.
For further information, please contact:
Seema Jhingan, Partner, Lex Counsel Law Offices
sjhingan@lexcounsel.in
