Foreign Exchange Management Act, 1999
This query is : Open
18 February 2021
We are having a listed entity having investment of 9.5% of its paid up capital from B (a Foreign Corporate Body).
Now, B wants to sell the half of its investments i.e. about 4.75% to Mr. A an Indian resident who is also a director of the same listed entity.
Now my query is :
a) Prior approval of RBI is required to sell the investment?
At the time of investment 10 years ago, approval of FIPB was granted to the listed entity.
b) What are the compliance's required to be done?
Now, B wants to sell the half of its investments i.e. about 4.75% to Mr. A an Indian resident who is also a director of the same listed entity.
Now my query is :
a) Prior approval of RBI is required to sell the investment?
At the time of investment 10 years ago, approval of FIPB was granted to the listed entity.
b) What are the compliance's required to be done?
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