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November 2012

Press Note No.9 (2012 Series) dated 3rd October , 2012

By Gaurang Gandhi, Chartered Accountant

Reading Time 1 mins

Setting up of step down (operating) subsidiaries by NBFCs having foreign investment above 75% and below 100% and with a minimum capitalisation of US$ 50 million – amendment of paragraph 6.2.24.2 (1) (iv) of ‘Circular 1 of 2012 – Consolidated FDI Policy.

Presently, 100% foreign owned NBFC with a minimum capitalisation of US $ 50 million can set up step down subsidiaries for specific NBFC activities, without any restriction on the number of operating subsidiaries and without bringing in additional capital.

This circular has relaxed the limit 100% holding and provides that NBFC having foreign investment of more than 75% and a minimum capitalisation of US $ 50 million, can set up step down subsidiaries for specific NBFC activities, without any restriction on the number of operating subsidiaries and without bringing in additional capital.

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