Reserve Bank of India
Exchange Control Department
Central Office
Mumbai-400 001
Notification No. FEMA 85/2003-RB
dated January 17, 2003
Foreign Exchange Management (Transfer
or Issue of Security by a
Person Resident outside India)(First Amendment) Regulations, 2003
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) and in partial modification of its Notification
No.FEMA 20/2000-RB dated 3rd May 2000, the Reserve Bank of India
makes the following Regulation to amend the Foreign Exchange Management ( Transfer
or Issue of Security by a Person Resident outside India) Regulations, 2000,
namely:-
1. Short title and commencement
i. These Regulations may be called the Foreign
Exchange Management (Transfer or Issue of Security by a Person Resident outside
India) (First Amendment) Regulations, 2003.
ii. They shall come into force on their publication
in the Official Gazette.
2. Amendment of the Regulation
In the Foreign Exchange Management
(Transfer or Issue of Security by a Person Resident outside India) Regulations
2000, ( herein after referred to as 'the Principal Regulations') in
Regulation 5, after Sub-Regulation (5), the following Sub-Regulations shall
be added, namely- '(6) A registered Foreign Institutional Investor (FII)
having valid approval under FERA,1973 or under FEMA, 1999 may trade in all exchange
traded derivative contracts approved by SEBI from time to time subject to the
limits as prescribed in by SEBI. (7) A Non-Resident Indian (NRI) may invest
in exchange traded derivative contracts approved by SEBI from time to time out
of INR funds held in India on non-repatriable basis subject to the limits prescribed
by SEBI. Such investments will not be eligible for repatriation benefits.'
K.J.Udeshi
Executive Director
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Published in the Official Gazette of Government
of India - Extraordinary - Part-II, Section 3,
Sub-Section (i) dated 18.03.2003 - G.S.R.No.225(E)
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