The Reserve Bank of India has reduced the number of approvals for transfer of shares between resident and non-residents, including investments made in the financial sector, with an aim to encourage overseas inflows. RBI has placed the onus of compliance on sector regulators now. Transfer of shares from non-residents to residents can take place without RBI's approval, provided the investment is in line with the FDI policy. "This is a significant reduction in the number of approvals required and investment-friendly," said H Jayesh, founder partner, Juris Corp.
Source : Economic times
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