SECURITIES AND EXCHANGE BOARD OF INDIA
SECONDARY MARKET DEPARTMENT
Mittal Court, B Wing, First Floor,
224, Nariman Point, Mumbai 400 021
March 12, 2001
The President/Executive Director/Managing Director
Of All the Stock Exchanges
Sir/Madam
Sub: Restriction on investments in print media.
The Reserve Bank of India (RBI) has vide its notification no.FEMA.35/2001-RB dated February 16, 2001 amended the Foreign Exchange Management( Transfer or issue of Security by a Person Resident outside India) Regulations, 2000 disallowing purchase of shares and convertible debentures of an Indian company, engaged in the print media sector by inter-alia, Foreign Institutional Investors (FIIs) and Foreign Venture Capital Investors.
You are advised to bring the contents of this circular to the notice of the brokers at your exchange.
Thanking you,
Yours faithfully
P K Bindlish
Deputy General Manager
Secondary Market Depository,
Research & Publications Department
