Transfer or Issue of Security by a Person Resident outside India

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Published on February 16, 2001

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Transfer or Issue of Security by a Person Resident outside India

Transfer or Issue of Security by a Person Resident outside India

EXCHANGE CONTROL DEPARTMENT
CENTRAL OFFICE
MUMBAI – 400 001

Notification No. FEMA 35 /2001-RB.

dated 16 February 2001

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 3^rd May 2000, the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, as amended from time to time, namely:-

1. (1) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2001.

(2) They shall come into force with immediate effect.

In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, in Regulation 5,

(i) after Sub-regulation (2), the following proviso shall be added, namely:

'Provided that the FII shall not purchase shares or convertible debentures of an Indian company which is engaged in the print media sector.'

(ii) after Sub-regulation (3), the following proviso shall be added, namely:

'Provided that the NRI/OCB shall not purchase shares or convertible debentures of an Indian company which is engaged in the print media sector.'

(iii) after Sub-regulation (5), the following proviso shall be added, namely:

'Provided that the Foreign Venture Capital Investor shall not purchase shares or convertible debentures of an Indian company which is engaged in the print media sector.'

(J. Capoor)
Deputy Governor

Published in the Official Gazette of Government
of India - Extraordinary - Part-II, Section 3,
Sub-Section (i) dated 14.03.2001 - G.S.R.No.182(E)