The Reserve Bank of India has today notified that Non Resident Indians (NRIs)/Persons of Indian Origin (PIOs) can now invest up to 24 per cent of the paid up capital of M/s Zicom Electronic Security Systems Ltd. under the Portfolio Investment Scheme (PIS).

The Reserve Bank has stated that the company has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by NRIs/PIOs. The purchases could be made through primary market and stock exchanges and would be subject to Regulation 5(3) of FEMA Notification No.20/2000-RB dated May 03, 2000 (as amended from time to time) and other terms and conditions stipulated by the Reserve Bank.

The Reserve Bank has notified this under FEMA 1999.

Ajit Prasad
Assistant General Manager

Press Release : 2014-2015/1970