Corporate Updates – 18-03-2015


As per the provisions relating Acquisition/transfer of immovable property in India under Foreign Exchange Management (Acquisition and Transfer of immovable property in India) Regulations, 2000, wherein there is a prohibition on citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan without prior permission of the Reserve Bank shall acquire or transfer immovable property in India, other than lease, not exceeding five years. It has been observed that Macau and Hong Kong are the two Special Administrative Regions of China. As they are notified separately, it has been decided, in consultation with the Government of India, that citizens of Macau and Hong Kong will also be included in the list of countries which are prohibited to acquire/transfer immovable property in India in terms of Regulation 7 of FEMA ibid.


SEBI with a view to encourage participation of individual investors, has introduced SARAL Account Opening Form for resident individuals. Individuals can open a trading account and demat account by filling up a simplified Account Opening Form. This form will be separately available with the intermediaries and can also be downloaded from the Exchanges’ and Depositories’ website. The investors who open account through SARAL AOF will also have the option to obtain other facilities, whenever they require, on furnishing of additional information as per prescribed regulations / circulars.


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