Transfer or Issue of Security by a Person Resident outside India – FEMA

G.S.R. 1003(E).-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), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000 (Notification No. FEMA. 20/2000-RB dated 3rd May 2000) namely:-

1. Short Title & Commencement:-

(i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Twelfth Amendment) Regulations, 2016.

(ii) They shall come into force from the date of their publication in the Official Gazette.

2. Amendment of Schedule 5

In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, (Notification No. FEMA 20/2000-RB, dated 3rd May, 2000), in Schedule 5,

A. In paragraph 1,

(a) in the existing clause (b), the words, “ listed” shall be deleted

(b) the existing clause ‘(g)’ and clause ‘(j)’ shall be deleted

(c) after existing clause (m), the following shall be added, namely:-

“(n) securitised debt instruments, including (i) any certificate or instrument issued by a special purpose vehicle (SPV) set up for securitisation of asset/s with banks, FIs or NBFCs as originators; and/or (ii) any certificate or instrument issued and listed in terms of the SEBI “Regulations on Public Offer and Listing of Securitised Debt Instruments, 2008.”

B. In paragraph 1C,

(a) in the existing clause (b), the words, “ listed” shall be deleted

(b) the existing clause ‘(g)’ and clause ‘(j)’ shall be deleted

(c) after existing clause (m), the following shall be added, namely:

“(n) securitised debt instruments, including (i) any certificate or instrument issued by a special purpose vehicle (SPV) set up for securitisation of asset/s with banks, FIs or NBFCs as originators; and/or (ii) any certificate or instrument issued and listed in terms of the SEBI “Regulations on Public Offer and Listing of Securitised Debt Instruments, 2008.”

[F. No. 4/43/2015-ECB]

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