Fema - issue of compulsary convertible debentures

(1)  For first part of your question : within 30 days of receipt of money file with  RBI though AD annexure ii and iii. The capital instruments should be issued within 180 days from the date of receipt of the

inward remittance or by debit to the NRE/FCNR (B) account of the non-resident investor. Within 30 days of allotment Form FC GPR to be filed.Please see the attached for details. https://www.wirc-icai.org/(S(4113a33ixtiiyeyjlj3rymu5))/material/Due%20Diligence%20under%20FEMA%20by%20CA.%20Sudha%20G.%20Bhushan.pdf

(2)  I will request you to check the NBFC guidelines and regulations relating to downstream investment for second part of your question.

Hope above helps.

Regards,

CA. Sudha G. Bhushan

Sudhag999 @ gmail.com