Liberalization of Foreign Direct Investment other financial services.

Liberalization of Foreign Direct Investment - Other Financial Services

Department of Industrial Policy & Promotion in order to provide easy finance to the Indian Industries has liberalized the Foreign Direct Investment ('FDI') limits in Non-Banking Financial Company. Para 5.2.26 of the Consolidated FDI Policy has been replaced with the following para subject to specified conditions chartered accountants firms in mumbai:
Before Circular:
Foreign investment in NBFC is allowed under the automatic route in only the following activities:
      i.        Merchant Banking
     ii.        Under Writing
     iii.       Portfolio Management Services
    iv.        Investment Advisory Services
     v.        Financial Consultancy
    vi.        Stock Broking
   vii.        Asset Management
   viii.       Venture Capital
    ix.        Custodian Services
     x.        Factoring
    xi.        Credit Rating Agencies
   xii.        Leasing & Finance
   xiii.       Housing Finance
  xiv.        Forex Broking
   xv.        Credit Card Business
  xvi.        Money Changing Business
xvii.        Micro Credit
xviii.       Rural Credit
After Circular:
Other Financial Services: Financial Services activities regulated by Financial Sector regulators viz. Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority direct foreign investment in India, The Pension Fund Regulatory and Development Authority, National Horticulture Board or any other financial sector regulator as may be notified by Government of India subject to certain conditions.
% of Equity / FDI Cap : 100%
Entry Route: Automatic
Further, minimum capitalization norms for Foreign Direct Investment in Non-Banking Finance Companies have been done away with. Investment in "Other Financial Services" activities shall be now subject to conditionalities, including minimum capitalization norms, as specified by the concerned Regulator or Government Agency.

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