The Securities and Exchange Board of India vide Notification dated 16th January 2020 has exempted certain overseas government agencies and their related entities from clubbing of investment limit and other investment conditions either by way of an agreement or treaty with other sovereign governments or by an order of the Central Government.
The notification is derived from rule 1(a)(iv) of Schedule II of Foreign Exchange Management (Non-debt Instruments) Rules, 2019 read with the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019, Regulation 20 (9). The exemption shall be applicable where the Indian government has entered into agreements or treaties with overseas government or there is an order.
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