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Foreign Exchange Management Act

 

RESERVE BANK OF INDIA
EXCHANGE CONTROL DEPARTMENT
CENTRAL OFFICE
MUMBAI 400 001

Date : Sep 16, 2002

Investment by NRIs/PIOs in shares of Indian companies

The Reserve Bank of India has on September 16, 2002 notified that Non-Resident Indians (NRIs) and Persons of Indian origin (PIOs) can now purchase equity shares and convertible debentures of M/s. Panacea Biotech Ltd., upto 24 per cent of its paid up capital through stock exchanges under the portfolio investment scheme, as the company has passed a resolution at its General Body Meeting to this effect.

 

Ajit Prasad
Manager

Press Release : 2002-03/293

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