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Steps For Raising FDI Cap

Steps For Raising FDI Cap
outlookindia.com
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  • Insist on security clearance to be worked out by MEA, IB, RAW and the department of industrial policy & promotion

  • Total FDI—direct and indirect, including investments by FIIs, NRIs and OCBs controlled by them, foreign currency convertible bonds, ADRs, GDRs, preference shares, proportionate foreign investment in investment companies and holding companies—will not exceed 74 per cent

  • Minimum 26% to be held by resident Indians or registered Indian firms and management control to vest with Indians

  • Articles of association to stipulate that over half the functional directors shall be nominated by Indian promoters

  • Technical head of each telecom circle to be responsible/accountable to DoT, which can notify that any key position will be held only by Indian nationals

  • One ‘golden share’, to be allotted to the government, whose approval must be obtained before amending the company's articles of association

  • Extra foreign equity to be disinvested within 7 years and any violations to lead to a cancellation of the licence
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