February 28, 2001
To,
All Custodians of Securities and
Foreign Institutional Investors
Dear Sir,
Sub : Restriction on investments in print media sector
The Reserve Bank of India 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.
All FIIs and custodians are advised to take note of the amendment and ensure compliance with the same. The custodians are further requested to bring the contents of this circular to the notice of their clients.
Yours faithfully,
P. GUPTA
