FEMA VIOLATION
This query is : Resolved
10 December 2008
Is it neccessary to take approval of RBI/FIPB for issuing share/warrants to non residents in a share broking firm and if so what is the penalty for violation of the same?
CS Vivek Hegde
(Expert)
28 December 2008
100% FDI is allowed under Financial Services sector.. So there is necesity to take such approval..However some Reporting Formalities will have to be complied with..
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