NRIs/PIOs can now invest up to 24 per cent under PIS in M/s Zicom Electronic Security Systems Ltd.
March, 20th 2015
The Reserve Bank of India has today notified that Non Resident Indians (NRIs)/Persons of Indian Origin (PIOs) can now invest up to 24 per cent of the paid up capital of M/s Zicom Electronic Security Systems Ltd. under the Portfolio Investment Scheme (PIS).
The Reserve Bank has stated thatthe company has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by NRIs/PIOs. The purchases could be made through primary market and stock exchanges and would be subject to Regulation 5(3) of FEMA Notification No.20/2000-RB dated May 03, 2000 (as amended from time to time) and other terms and conditions stipulated by the Reserve Bank.
The Reserve Bank has notified this under FEMA 1999.