Section 7(5) in Foreign Exchange Management (Deposit) Regulations, 2016
(5)[ An Authorized Dealer in India may allow a Foreign Portfolio Investor and a Foreign Venture Capital Investor, both registered with the Securities and Exchange Board of India (SEBI) under the relevant SEBI regulations to open and maintain a non-interest bearing foreign currency account for the purpose of making investment in accordance with Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2017, as amended from time to time.] [Added by Notification No. G.S.R. 1093(E), dated 9.11.2018 (w.e.f. 1.4.2016).]
