Govt. Amends FEM (NDI) Rules | Clarifies on Definition of the Term ‘Unit’ Under Rule 2(aq)
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- By Chetan Kulasri
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- Last Updated on 16 March, 2024
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Notification No. S.O. 1361(E); Dated: 14.03.2024
Govt. has notified the Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2024. An amendment has been made to rule 2(aq), which defines the term ‘unit’ as the beneficial interest of an investor in an investment vehicle. As per the amended norms, an explanation has been inserted to the clause. It states that ‘unit’ shall include a unit that has been partly paid up as permitted under regulations framed by SEBI in consultation with the Government of India.
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