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With globalisation becoming the order of the day, it is imperative for India Inc. to understand the nuances of the legal architecture surrounding overseas investment by Indian entities so that such investments are effectively safeguarded, while being legally compliant. On August 22, 2022, with a view to liberalise the regulatory framework for overseas investments and promote the ease of doing business, the Government of India, through the Ministry of Finance, and the Reserve Bank of India (‘RBI’) operationalised a new regulatory regime for overseas investments (‘New Overseas Investment Regime’) by notifying the Foreign Exchange Management (Overseas Investment) Rules, 2022, the Foreign Exchange Management (Overseas Investment) Regulations, 2022 and the Foreign Exchange Management (Overseas Investment) Directions, 2022 and FAQs on the same are expected shortly. The erstwhile overseas investment regime under the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 (‘FEMA 120’) has been completely overhauled by the new regime, which has led to many interpretive challenges.
With a view to discuss some of these key issues, the Bombay Chamber, under the auspices of its Legal Affairs & IPR Committee, is organising the above session on the New Overseas Investment Regime on 14 October 2022, that will benefit its members. We are privileged to inform you that Mr. Bharat Vasani, Chairman, Legal Affairs & IPR Committee and Partner, Cyril Amarchand Mangaldas and Ms. Savithri Parekh, Company Secretary and Compliance Officer, Reliance Industries Ltd. will be addressing our members at this session.
