Section 17(3) in The Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012
(3)No person resident outside India, directly or indirectly, either individually or together with persons acting in concert, shall acquire or hold more than five per cent. of the paid up equity share capital in a recognised stock exchange:[Provided that, -(i)a foreign stock exchange;(ii)a foreign depository;(iii)a foreign banking company;(iv)an foreign insurance company; and(v)a foreign commodity derivatives exchange,may acquire or hold, either directly or indirectly, either individually or together with persons acting in concert, upto fifteen per cent. of the paid up equity share capital of a recognised stock exchange.Explanation. - For the purposes of this proviso, the persons referred to in clauses (i) to (v) shall mean persons recognised/ incorporated outside India.] [Inserted by Notification No. SEBI/LAD-NRO/GN/2016-17/020, dated 11.1.2017 (w.e.f. 20.6.2012).]
