Section 6(6)(a) in The Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004

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Union of India - Subsection

Section 6(6)(a) in The Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004

(a)For the purposes of investment under this regulation by way of remittance from India in a existing company outside India, the valuation of shares of the company outside India shall be made,--

(i)where the investment is more than US $ 5 (Five) million, by a Category I Merchant Banker registered with Securities and Exchange Board of India (SEBI), or an Investment Banker/Merchant Banker outside India registered with the appropriate regulatory authority in the host country; and

(ii)in all other cases, by a Chartered Accountant or a Certified Public Accountant.

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Union of India - Subsection

Section 6(6)(a) in The Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004