- An overseas corporate body is a company, partnership firm, society, or any other corporate body owned by a non-resident Indian and where not less than 60% beneficial interest is held by Non-resident Indians(NRIs) directly or indirectly.
- RBI derecognized Overseas Corporate Bodies (OCBs) in India as an eligible 'class of investor' under various routes available under extant Foreign Exchange Management Regulations, 2003. (PDF)
- Therefore, OCBs cannot invest in the Indian markets.
RELATED FACTS: - Such an ownership interest (minimum 60%) has to be held by OCB and not in the capacity of a nominee.
- OCB includes an overseas trust also.
|