The RBI amended the Foreign Exchange Management (Transfer or Issue of
Security by a Person Resident outside India) Regulations, 2000
("Transfer Regulations") by issuing the Foreign Exchange
Management (Transfer or Issue of Security by a Person Resident
Outside India) (Eleventh Amendment) Regulations, 2015, which was
notified on November 16, 2015 ("Notification").
The Notification amends the Transfer Regulations, allowing
foreign investment through investment vehicles, subject to certain
terms and conditions. An "investment vehicle" is defined
to be an entity that is registered and regulated under relevant
regulations framed by the Securities Exchange Board of India
("SEBI") or any other designated authority, through which
a person resident outside India ("Non-Resident"),
including Registered Foreign Portfolio Investor ("RFPI")
or a Non- Resident Indian ("NRI") will be permitted to
make investments in inter alia Real Estate Investment Trusts
("REIT") governed by the
