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ARTICLE · 01 MARCH 2013

RBI Tightens Control Over Outbound Investment By CICs

Nishith Desai Associates
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Earlier, CICs were not necessarily required to be registered with RBI if certain specified conditions were satisfied.

IndiaInternational Law
Ankit Vijaywargiya
Ankit Vijaywargiya
Karan Kalra
Karan Kalra
Kishore Joshi
Kishore Joshi
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The Reserve Bank of India ("RBI") vide a notification1 has issued a separate set of guidelines2 ("CIC-OI Directions") for overseas investments by core investment companies ("CICs") which inter alia require all CICs intending to make overseas investments in the financial sector3 to obtain certificate of registration ("CoR") from RBI. These directions are in addition to the already existing guidelines prescribed by the Foreign Exchange Department of RBI for overseas investments. 

Background

Earlier, CICs were not necessarily required to be registered with RBI if certain specified conditions were satisfied4. However, in August 2010, systematically important CICs5 ("CICs-ND-SI") were brought under regulatory supervision6. Such CICs-ND-SI were also subjected to rules and regulations applicable to outbound investments by non-banking financial companies ("NBFCs") vide the 'NBFC (Opening of branch/subsidiary/joint venture/representative office or undertaking

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