e) Incorporation certificate and the valuation certificate for the overseas entity (if applicable).f) Other relevant documents properly numbered, indexed and flagged.
Proposals not covered by the conditions under the automatic route require prior approval of the Reserve Bank for which a specific application in Form ODI with the documents prescribed therein is required to be made through the Authorized Dealer Category – I banks. The applicant should approach their designated Authorized Dealer (AD) with the proposal which shall be submitted to Reserve Bank after due scrutiny and with the specific recommendations of the designated AD bank along with supporting documents (as mentioned below) to the following address: The Chief General Manager, Reserve Bank of India, Foreign Exchange Department, Overseas Investment Division, Amar Building, 5th Floor, Sir P. In case the proposal is approved, the AD bank should effect the remittance under advice to Reserve Bank so that the UIN is allotted. c) Board resolution for the proposed transaction/s.For approval by Reserve Bank, following documents need to be submitted along with Section D and Section E of Form ODI - Part I by the designated Authorized Dealer: a) A letter from the designated AD of the IP in a sealed cover mentioning the following details: • Transaction number generated by the OID application. d) Diagrammatic representation of the organisational structure indicating all the subsidiaries of the IP horizontally and vertically with their stake (direct & indirect) and status (whether operating company or SPV).Now he and the board are faced with the decision of how best to "unlock value" in the fund by delivering Net Asset Value to shareholders.The case, which provides rich detail on the workings of closed-end funds, invites students to examine the trade-offs among liquidating the fund, converting it to an open-end fund, or carrying out a self-tender offer.Can there be more than one ‘designated Authorised Dealer’ for the same JV/WOS in case the JV/WOS has more than one Indian promoter?
What if one Indian promoter has more than one JV in either the same country or in different countries?
It also raises topics of fund selection and investing in country-specific funds such as Mexico.
What is the concept of a ‘designated Authorised Dealer’?
Any further clarifications in respect of cases not covered by the instructions may be obtained, giving full details of the case, from the Central Office of the Reserve Bank at the following address: The Chief General Manager Reserve Bank of India Foreign Exchange Department Overseas Investment Division Central Office, Amar Building, 5th Floor Mumbai 400 001.
or by e-mail Direct investment outside India means investments, either under the Automatic Route or the Approval Route, by way of contribution to the capital or subscription to the Memorandum of a foreign entity or by way of purchase of existing shares of a foreign entity either by market purchase or private placement or through stock exchange, signifying a long-term interest in the foreign entity (JV or WOS).
A Master Direction titled ‘Master Direction on Direct Investment by Residents in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) Abroad’ has been issued.