No NoC!

November 13, 2013 / 20:41 IST

In continuance of its recent efforts in easing the foreign direct investment regime, the Foreign Exchange Department of the Reserve Bank of India has, vide its A. P. (DIR Series) Circular No. 72 dated November 11, 2013, waived the requirement in the case of an investee entity engaged in the financial services sector to obtain and file a no objection certificate (NoC) from its financial sector regulator/regulators along with Form FC-TRS for transfer of shares from resident to non-resident investor. This waiver from obtaining a NoC extends to the resident transferor and non-resident transferee entities as well.

first published: Nov 13, 2013 08:41 pm

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