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An authorised dealer in India may give a guarantee on behalf of a person resident outside India who acquires shares or convertible debentures of an Indian company. This rule applies to open offers, delisting offers, and exit offers. The transaction must comply with the Securities and Exchange Board of India Substantial Acquisition of Shares and Takeover Regulations. A bank of international repute must cover the guarantee with a counter guarantee. The guarantee remains valid for a tenure co-terminus with the offer period under the Securities and Exchange Board of India regulations. The regulations come into force from the date of publication in the Official Gazette.
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Relative A.P. (DIR) circular: 37/05.09.2013
RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI Notification No.FEMA. 267/RB-2013 Dated March 05, 2013 Foreign Exchange Management (Guarantees) (Second Amendment) Regulations, 2013 In exercise of the powers conferred by clause (j) of sub-section 3 of section 6 and sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank hereby makes the following amendments in the Foreign Exchange Management (Guarantees) Regulations, 2000, ( Notification No. FEMA 8/RB-2000 dated May 3, 2000 ), namely:-
(Rudra Narayan Kar) Chief General Manager-in-Charge
Foot Note: The Principal Regulations were published in the Official Gazette vide No. G.S.R. No.391 (E) dated May 5, 2000 in Part II, Section 3, Sub-Section (i) and subsequently amended vide :
Published in the Official Gazette of Government of India – Extraordinary – Part-II, Section 3, Sub-Section (i) dated 27.08.2013- G.S.R.No.573 (E)
