The Finance Minister, in the Union Budget 2024-2025 had announced changes to the foreign investment and overseas investment regimes of India. Following this announcement, the Ministry of Finance notified the Foreign Exchange Management (Non Debt Instruments) (Fourth Amendment) Rules, 2024 (Amendment) dated 16 August 2024 (Amendment).
On 5 August 2024, the Ministry of Corporate Affairs (MCA) has notified amendments to the Companies (Adjudication of Penalties) Rules, 2014 (Adjudication Rules) by way of the Companies (Adjudication of Penalties) Amendment Rules, 2024 (Amendment) which will come in force from 16 September 2024.
In February 2021, the Reserve Bank of India (RBI) had decided to permit resident individuals to make investments in the International Financial Services Centers (IFSC) under the Liberalized Remittance Scheme (LRS Scheme) with a view to strengthen the financial markets in IFSC and to provide Indian resident individuals with the opportunity to expand and diversify their portfolios.
At its board meeting dated April 30, 2024, the Securities and Exchange Board of India (SEBI) made several amendments to various SEBI regulations.
The Reserve Bank of India, on 7 June 2024, brought about two amendments to the ODI Directions by liberalising investment in overseas funds by Indian corporates and resident individuals.
On 28 May 2024, the Reserve Bank of India (RBI) issued a press release launching three transformative initiatives, “PRAVAAH” (Platform for Regulatory Application, VAlidation and AutHorisation) portal, a FinTech Repository and the Retail Direct Mobile App. These initiatives have been notified pursuant to the announcements made in the Statement on Development and Regulatory Policies previously issued by the RBI.
