The Department of Industrial Policy and Promotion (DIPP) of the Ministry of Commerce and Industry on 29 June issued a standard operating procedure (SOP) for processing foreign direct investment (FDI) proposals. The SOP sets out the steps involved in the process, including steps for the filing of the online application on the Foreign Investment Facilitation Portal. The SOP prescribes the respective competent authorities for grant of approval in sectors/activities which fall under the government approval route under the FDI policy. The SOP also sets out step-wise time limits for action points (along with cumulative time limits for certain sets of action points) on the part of the applicant, DIPP and the ministry, department or other authorities involved in the process.
By Shailaja Lall and Shivangi Talwar, Shardul Amarchand Mangaldas & Co
By Natashaa Shroff and Taranjeet Singh, Shardul Amarchand Mangaldas & Co