The Reserve Bank of India (RBI), through a notification dated 6 December 2012, has issued guidelines for overseas investments by core investment companies (CICs) requiring CICs that intend to make overseas investments in the financial sector to obtain a certificate of registration from the RBI. In May 2012, the RBI released draft guidelines for regulating overseas investments by CICs. These guidelines have now been formalized as the Core Investment Companies – Overseas Investment (Reserve Bank) Directions, 2012.
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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.