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Tuesday, April 29, 2008

FDI Update- Credit Info Co, Commodity Exchange, Foreign Currency Bids of Indian Projects, SEBI SARFAESI QIB notification

Foreign investment in Credit Information Companies:

1. To comply with the Credit Information Companies (Regulations) Act 2005 and

2. subject to the following :
i) The aggregate Foreign Investment in Credit Information Companies would be 49%.

ii) Foreign Investment upto 49% would be allowed only with the prior approval of FIPB and regulatory clearance from RBI.

iii) Investment by SEBI Registered FIIs would be permitted only through purchases in the secondary market to an extent of 24%.

iv) Investment by SEBI Registered FIIs would be within the overall limit of 49% for Foreign Investment.

v) No FII can individually hold directly or indirectly more than 10% of the equity.

A copy of the Press Note 1 (2008 series) dated March 12, 2008 issued by the Government is enclosed.

Click here for Notification http://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4150&Mode=0

Foreign investment in Commodity Exchanges:

subject to the following conditions : i) There would be a composite ceiling of 49% Foreign Investment, with a FDI limit of 26% and an FII limit of 23%.
ii) FDI will be allowed with specific approval of the Government.
iii) The FII purchases in equity of Commodity Exchanges will be restricted only to the secondary markets.
iv) Foreign Investment in Commodity Exchanges would also be subject to compliance with the regulations issued, in this regard, by the Forward Market Commission.
A copy of Press Note 2 (2008 series) dated March 12, 2008 issued in this regard is enclosed.

Link to the notification http://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4151&Mode=0

It has been brought to the notice of the Government that some of the existing Commodity Exchanges had foreign investment above the permitted level as on the date of issue of the said Press Note. In order to facilitate the existing Commodity Exchanges to comply with the guidelines notified vide Press Note 2(2008), vide press note 8 of 2008 series dated 19th August 2008 it has now been decided to allow a transition / complying/correction time to the existing Commodity exchange(s). The Commodity Exchange(s) would be required to divest foreign equity equal to the amount by which the cap was being exceeded in accordance with Press Note 2(2008). Accordingly, all such Commodity Exchanges are hereby advised to adhere to the conditions of Press Note 2(2008) by 30.6.2009. All Commodity Exchanges shall furnish a compliance report informing the foreign investment in the Commodity Exchange as on 30.6.2009, along with details of equity structure, to the Department of Industrial Policy & Promotion, Department of Consumer Affairs, Foreign Investment Promotion Board, the Forward Market Commission and SEBI.

Non-compliance of the conditions of Press Note 2(2008) after 30.6.2009 would be a violation of the Foreign Exchange Management Act, 1999


Bids in foreign currency for projects to be executed in India:
1. Person resident in India has been permitted to incur liability in foreign exchange and to make or receive payments in foreign exchange in respect of global bids where the Central Government has authorized such projects to be executed in India and the approval of the concerned Administrative Ministry has been obtained. In such cases, authorized dealers are permitted to sell foreign exchange to the resident Indian company which has been awarded the contract.
2. Persons resident in India are now permitted to incur liability in foreign exchange and to make or receive payments in foreign exchange in respect of global bids for projects to be executed in India without insisting on prior approval of the concerned Administrative Ministry for the International Competitive Bidding.

Link to Notification http://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4149&Mode=0

SEBI Notification under Section 2(1) (u) of SARFAESI Act, 2002:

certain non-deposit NBFC = QIB u/SARFAESI

Non-banking financial companies (NBFC) registered under section 45-IA of the Reserve Bank of India (RBI) Act, 1934 and satisfying the following conditions shall be qualified institutional buyers (QIB) for the purposes of the SARFAESI Act,

Conditions:

1. systemically important non-deposit taking non-banking financial companies (NBFCs) with asset size of one hundred crore rupees and above (>=100 Crores); and
2. other non-deposit taking NBFCs which have asset size of fifty crore rupees and above (>=50 Crores) and “Capital to Risk – weighted Assets Ratio” (CRAR) of 10% as applicable to non-deposit taking NBFCs as per the last audited balance sheet.

Notification in http://thisisvj.googlepages.com/SEBI-QIBNotification-31Mar08.pdf

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