FEMA Valuation Rules for FDI in India: Rule 21 Pricing Guide (2026)
Every time a non resident subscribes to shares in an Indian company, buys shares from a resident, or exits an Indian investment, the price has to clear a test that has nothing to do with the Companies Act or the Income Tax Act. That test sits in Rule 21 of the Foreign Exchange Management (Non Debt Instruments) Rules, 2019, and it applies whether or not the deal also needs a board resolution, an ROC filing, or a Rule 11UA certificate.
- Rule 21 sets a floor price for inbound FDI and a ceiling price for a non resident’s exit, both anchored to an internationally accepted valuation methodology
- Only a Chartered Accountant, a SEBI registered Merchant Banker, or a practising Cost Accountant can certify the valuation for an unlisted company; an IBBI registered valuer is not a listed category under this specific rule
- Angel tax is gone, but Rule 21 is not linked to angel tax. A FEMA valuation is still required on every FDI issuance
- Shares must be allotted within 60 days of receiving the money, and Form FC-GPR must be filed within 30 days of allotment on the RBI’s FIRMS portal
- The RBI’s draft Foreign Exchange Management (Foreign Investment) Rules, 2026 propose to replace the NDI Rules and change how pricing works, but they were not yet in force as of this writing
A term sheet that says “USD 10 million at a pre money valuation of USD 40 million” is a commercial number. It has no legal standing until a certified professional prices the shares under FEMA and the company allots and reports the issue inside RBI’s timelines. Founders who treat the term sheet number as the final number, and CFOs who assume a Rule 11UA certificate covers the FEMA angle too, are the two most common sources of avoidable compliance friction in Indian cross border rounds.
The regulatory architecture is deliberately narrow in purpose. FEMA, 1999 governs the flow of foreign exchange and equity across the resident and non resident boundary. It does not care what the Companies Act requires for an ROC filing, or what the Income Tax Act requires for a fair market value certificate under Rule 11UA. Each framework asks a different question, applies a different standard of value, and in several cases requires a different certifying professional, a point we cover at length in our guide on when company valuation is mandatory in India and in our detailed treatment of share valuation methods under Rule 11UA.
At Elite Valuation, cross border pricing sits close to home. Sagar Shah spent a decade at Ernst & Young working on cross border structuring before founding Elite Valuation, and the firm now runs FEMA valuation, Rule 11UA certification and M&A due diligence support as a coordinated engagement rather than three disconnected reports. This guide sets out exactly how Rule 21 pricing works, who can certify it, what methodology it accepts, where founders get it wrong, and what changes once the RBI’s proposed 2026 reform is notified.
Key Takeaways
- Rule 21 of the NDI Rules, 2019 sets the pricing floor for inbound FDI and the pricing ceiling for a non resident’s exit, both benchmarked to fair value under an internationally accepted methodology
- An unlisted company’s FEMA valuation can be certified by a Chartered Accountant, a SEBI registered Merchant Banker, or a practising Cost Accountant; FEMA does not recognise an IBBI registered valuer as a separate eligible category the way the Companies Act does
- FEMA names no fixed method. Discounted Cash Flow is the practical default for growth companies, Net Asset Value for asset heavy or pre revenue entities, both cross checked against market multiples
- The abolition of angel tax under Section 56(2)(viib) from Assessment Year 2025-26 has no bearing on Rule 21. A FEMA valuation remains mandatory on every FDI issuance
- Optionality clauses are allowed, assured exit prices are not. Rule 2(k)(i) and Rule 9(5) together bar any right to exit at a pre fixed price
- Shares must be allotted within 60 days of receiving funds, and Form FC-GPR must be filed within 30 days of allotment on the RBI FIRMS portal; secondary transfers use Form FC-TRS within 60 days
- Downstream investment by a foreign owned Indian company into another Indian entity carries the same Rule 21 pricing obligation, reported through Form DI
- Late reporting draws a Late Submission Fee; pricing violations and prolonged delays require compounding under Section 15 of FEMA, with penalties up to three times the amount involved under Section 13
- The draft FEMA (Foreign Investment) Rules, 2026, released for public comment on July 21, 2026, propose a uniform pricing standard that would reshape today’s floor and ceiling structure once notified
What Are the FEMA Valuation Rules for FDI in India?
Foreign Direct Investment in India is regulated under the Foreign Exchange Management Act, 1999, operationalised through the Foreign Exchange Management (Non Debt Instruments) Rules, 2019, notified by the Department of Economic Affairs, Ministry of Finance on October 17, 2019. Within these rules, Rule 21 is the pricing provision. It exists to stop two opposite forms of mispricing: an Indian company handing shares to a foreign investor too cheaply, which understates the value received by residents, and a non resident exiting an Indian investment at an inflated price that effectively moves excess value out of the country.
Inbound (a person resident outside India subscribing to or acquiring equity instruments): the price must not be less than the fair value worked out under an internationally accepted pricing methodology on an arm’s length basis.
Outbound (a non resident selling or transferring equity instruments to a resident): the price must not exceed that same fair value.
The floor protects the Indian company and its existing shareholders from an undervalued issue. The ceiling protects the resident buyer, and indirectly the country’s foreign exchange position, from an inflated exit.
This is a separate and independent requirement from the Companies Act 2013, where Section 62(1)(c) needs an IBBI registered valuer’s report for a preferential allotment, and from the Income Tax Act, where Rule 11UA sets the fair market value floor for Section 56(2)(x) purposes. A single funding round involving a non resident investor can trigger a FEMA valuation, a Companies Act valuation for the special resolution, and in some structures an Income Tax valuation as well, each with its own standard of value and its own certifying professional. For the full map of which scenario needs which report, see our guide on company valuation requirements in India.
Which Transactions Trigger FEMA Valuation for Foreign Investment?
Transaction TriggersFEMA pricing applies to any movement of “capital instruments” across the resident and non resident line. Capital instruments include equity shares, compulsorily convertible preference shares, compulsorily convertible debentures, and share warrants issued to non residents with a conversion obligation. Instruments that may or may not convert (optionally convertible preference shares or debentures) fall outside this definition and are treated as External Commercial Borrowing instead, with their own pricing and end use rules.
Primary Issuance of Shares to a Non Resident (FDI)
Any fresh allotment of equity, CCPS, CCDs or warrants to a foreign investor, whether a venture fund, a strategic corporate investor, or an individual non resident. The issue price cannot be lower than the certified fair value.
Secondary Transfer Between Resident and Non Resident
A resident selling shares to a non resident applies the floor; a non resident selling to a resident applies the ceiling. Both directions are reported on Form FC-TRS, not FC-GPR.
Buyback or Capital Reduction Involving Non Resident Shareholders
Where a company buys back shares held by non residents or reduces capital, the consideration paid to the non resident cannot exceed the FEMA fair value, in addition to the Companies Act procedure for the buyback itself.
Rights Issue Renunciation to or by a Non Resident
A rights issue can be priced by the board without a fresh Rule 21 certificate provided the same price is offered to all shareholders, but renunciation in favour of a non resident, or by a non resident, still needs pricing scrutiny where the offer terms differ from the standard rights ratio.
ESOP or Sweat Equity Allotment to Non Resident Employees
Where an Indian company grants options or sweat equity to an employee who is a non resident, the exercise pricing must still respect the Rule 21 floor at the date of exercise, alongside the separate IBBI registered valuer requirement under the Companies Act for the scheme itself.
Swap of Shares in a Cross Border Merger or Acquisition
Where an Indian company issues shares to a foreign company (or vice versa) in exchange for shares rather than cash, both the Indian and the foreign entity need an independent valuation to establish the exchange ratio, in addition to any RBI approval required for the swap itself.
Downstream or Indirect Investment
An Indian company that is itself majority owned or controlled by non residents is treated as a foreign owned Indian entity. Its investment into a further Indian company is indirect foreign investment and carries the same Rule 21 pricing obligation.
Conversion of ECB or Convertible Instruments Into Equity
When a foreign lender converts an External Commercial Borrowing, or a CCPS or CCD held by a non resident converts into equity, the conversion price or formula has to be fixed upfront at the time of issuance and must still satisfy Rule 21 at the point of conversion.
Who Can Certify a FEMA Valuation Report for FDI?
This is where FEMA departs most sharply from the Companies Act, and it is one of the more common points of confusion for practitioners who are used to working with IBBI registered valuers for domestic transactions. Rule 21(2)(a)(ii) of the NDI Rules names three eligible categories for an unlisted Indian company, and none of them is “IBBI registered valuer” as a standalone qualification.
| Company Type | Pricing Basis | Who Can Certify |
|---|---|---|
| Unlisted Indian company | Internationally accepted pricing methodology, arm’s length | Chartered Accountant, SEBI registered Merchant Banker, or practising Cost Accountant |
| Listed Indian company | SEBI pricing formula (ICDR Regulations) | Priced mechanically off market data; a Merchant Banker manages the issue, not an independent fair value certificate |
| Listed company under delisting | SEBI delisting framework | Merchant Banker managed reverse book building process |
| Cross border share swap | Exchange ratio, both entities valued | Merchant Banker or equivalent professional in each jurisdiction, alongside RBI approval where required |
In practice, a professional who holds a CA qualification and is also an IBBI registered valuer, as is common in Indian valuation practice, can certify a FEMA valuation in their capacity as a Chartered Accountant. The distinction matters when a firm’s only qualified person is a Company Secretary or a non CA cost professional; that combination alone does not clear the Rule 21 bar. It also matters for cross border related party transactions, where the same valuation may need to double up as an arm’s length price for transfer pricing purposes under Section 92C of the Income Tax Act.
Not Sure Which Certification Route Applies to Your Round?
We confirm the right professional category, the right methodology, and the right report format before your term sheet closes, so the FEMA number and the commercial number are the same number.
Get a FEMA Valuation Readiness Check →What Valuation Methodology Does FEMA Accept for FDI Pricing?
Unlike Rule 11UA, which names the Net Asset Value method and the Discounted Cash Flow method as the two prescribed routes for Income Tax fair market value, Rule 21 does not prescribe a fixed method. It asks only for “any internationally accepted pricing methodology for valuation on an arm’s length basis.” This is a deliberately open standard, and it is also the reason FEMA valuations are challenged more often on the strength of assumptions than on the choice of method itself.
| Method | When It Fits | What Gets Challenged |
|---|---|---|
| Discounted Cash Flow | Growth stage and technology companies where forward earning potential exceeds book value | Growth rate, discount rate, and terminal value assumptions |
| Net Asset Value | Asset heavy, pre revenue, or holding company structures where projections are not credible | Fair valuation of individual assets, especially real estate and unlisted investments held on the balance sheet |
| Market Multiples | Cross check against DCF where comparable listed or transacted peers exist | Comparability of the peer set and adjustments for scale and liquidity |
| Comparable Transaction Method | Follow on rounds where a recent arm’s length round exists for the same company | Time gap and change in business fundamentals since the reference transaction |
Because AD banks and the RBI review the valuation certificate at the time of FC-GPR filing, the methodology chosen must be documented with the same rigour as a Rule 11UA or Companies Act report, even though no single method is mandated. A certificate that simply states a per share value without disclosing the method, the key assumptions and the valuation date is one of the most frequent reasons an AD bank raises a query and delays the filing.
FEMA Valuation vs Rule 11UA vs Ind AS 113: What Is the Difference?
A single share issuance to a non resident investor can sit inside three separate valuation frameworks at once, each asking a different question. Treating one report as a substitute for the other is the single most expensive misunderstanding in cross border fundraising.
| Framework | Governing Law | Standard of Value | Prescribed Method | Certifying Professional |
|---|---|---|---|---|
| FEMA Rule 21 | NDI Rules, 2019 | Fair value, arm’s length | Any internationally accepted method | CA, SEBI Merchant Banker, or Cost Accountant |
| Income Tax Rule 11UA | Income Tax Rules | Fair market value | NAV or DCF only | CA or Merchant Banker |
| Ind AS 113 | Indian Accounting Standards | Fair value, market participant assumptions | Income, market, or cost approach | Valuer with Ind AS expertise |
| Companies Act, Section 62(1)(c) | Companies Act, 2013 | Fair value for share issuance | Any recognised method, justified | IBBI registered valuer |
A defensible approach is to build one financial model and one set of assumptions, then issue purpose specific certificates off that shared base, exactly as we describe for parallel Companies Act, Income Tax and FEMA triggers in a single financial year in our guide on mandatory company valuation scenarios in India.
How Does FEMA Pricing Differ for Listed and Unlisted Companies?
For an unlisted Indian company, pricing is a certification exercise: a qualified professional applies a method and signs off on a number. For a listed company, pricing is largely mechanical and driven by market data rather than an independent opinion.
Listed Company, Preferential Allotment
The floor price is the higher of the 90 trading day and 10 trading day volume weighted average price preceding the relevant date, for a frequently traded share. Where the allotment changes control or crosses specified thresholds of post issue capital, an independent registered valuer’s fair value opinion is layered on top of the VWAP floor.
Listed Company, Delisting or Infrequently Traded Shares
Where market price is not a reliable anchor, either because the stock is infrequently traded or because the company is going through delisting, pricing shifts to a reverse book building process or an independent valuer, with no VWAP floor to fall back on.
Founders raising a pre IPO round, or negotiating a strategic stake sale in a listed group entity, should treat the SEBI pricing formula as a hard constraint that sits alongside, not instead of, the general Rule 21 requirement for foreign investment.
Can an FDI Valuation Include an Optionality Clause or Assured Exit Price?
Structuring ConstraintsTerm sheets routinely carry put options, drag along rights, and exit multiples that founders and investors negotiate as commercial protection. Under FEMA, some of that structuring is permitted and some of it is not, and the line is drawn specifically around price certainty.
- An optionality clause is allowed, subject to a minimum lock in period of one year, or longer where a sector specific lock in applies
- Rule 2(k)(i) of the NDI Rules expressly bars any option or right to exit at a pre agreed assured price
- Rule 9(5) separately prohibits a foreign investor from exiting under an optionality clause that carries an assured return
- The guiding principle behind both rules is simple: a non resident investor cannot lock in tomorrow’s exit price today. The exit price has to be whatever the FEMA methodology produces on the date of exit, not a number fixed years earlier in the shareholders agreement
- A certifier who signs off on a fixed assured exit price is, in effect, certifying that an arm’s length transaction would produce that exact number regardless of how the business performs, a position AD banks and the RBI are entitled to look through
This distinction has produced real enforcement friction over the years, including well documented disputes over put options that guaranteed a foreign investor’s principal plus a fixed return. Courts have shown some willingness to enforce such clauses as a matter of contract law between the parties, but that does not change the FEMA position: a clause promising an assured return remains a contravention from a foreign exchange regulation standpoint, independent of its enforceability between the two contracting parties. Structuring a downside protection mechanism that survives FEMA scrutiny, rather than one that merely looks acceptable on paper, is where experienced FEMA counsel and a valuer need to work together at the term sheet stage, not after signing.
Negotiating Exit Rights in a Cross Border Shareholders Agreement?
We review optionality and exit pricing clauses against Rule 21 and Rule 9(5) before signing, so the protection your investor wants does not become a FEMA contravention later.
Review Your Term Sheet Structuring →How Is Downstream Investment (Indirect Foreign Investment) Valued Under FEMA?
Foreign investment rules do not stop at the first Indian company that receives foreign money. If that company is owned or controlled by non residents, defined broadly to include majority ownership or the right to appoint a majority of directors, every rupee it subsequently invests into another Indian company is treated as indirect foreign investment, sometimes called downstream investment.
Group structures with two or three Indian layers between the foreign parent and the operating entity often assume that only the top level foreign infusion needs FEMA compliance. It does not work that way. Every downstream leg carries the same sectoral cap, the same Rule 21 pricing floor, and its own reporting obligation through Form DI, filed by the investee company within the prescribed timeline of the investment. The responsibility for compliance rests on the investee company at every level of the chain, not only at the point where foreign currency first enters India.
A start up that raises venture capital through a foreign holding company, and then routes part of that capital into an Indian operating subsidiary, is a textbook downstream structure. The valuation and reporting discipline applies twice: once when foreign money enters the intermediate Indian holding company, and again when that holding company invests further down.
What Is the FC-GPR and FC-TRS Filing Timeline After a FEMA Valuation?
Reporting PhaseA completed valuation certificate is the midpoint of the compliance chain, not the end of it. RBI reporting has its own clock, and the clock starts running from specific trigger dates rather than from the date the term sheet was signed.
Obtain the Valuation Certificate
The certificate should be dated close to the transaction. Market practice treats a certificate as usable for allotment purposes broadly within 90 days of its date, though the underlying rule does not fix a single universal number, so it is safer to time the certificate close to the funds inflow.
Receive Funds Through Banking Channels
Funds must come in through normal banking channels and generate a Foreign Inward Remittance Certificate, which becomes a core supporting document for the FC-GPR filing.
Allot Shares Within 60 Days
The company must allot the capital instruments within 60 days of receiving the funds. If allotment does not happen within that window, the funds must be refunded to the non resident within 15 days of the expiry of the 60 day period.
File Form FC-GPR Within 30 Days
The 30 day clock runs from the date of allotment, not from the date funds were received. Filing happens through the Single Master Form on the RBI’s FIRMS portal, routed through the company’s Authorised Dealer bank, with the valuation certificate, FIRC, KYC, and CS or CA certificate attached.
AD Bank Review and Acknowledgement
The Authorised Dealer bank typically reviews and either approves or queries the filing within a few working days. Stale valuation certificates, FIRC mismatches, and incorrect sectoral cap classification are the most common reasons for a query.
File Form FC-TRS for Any Later Secondary Transfer
Where shares are later transferred between a resident and a non resident, whether inbound or outbound, the transfer is reported on Form FC-TRS within 60 days, with fresh Rule 21 pricing applied at the ceiling or floor as appropriate to the direction of transfer.
| Form | Trigger | Timeline | Filed By |
|---|---|---|---|
| FC-GPR | Issue of capital instruments to a non resident | 30 days from allotment | Investee company |
| FC-TRS | Transfer of shares between resident and non resident | 60 days from transfer or receipt of consideration | Resident transferor or transferee |
| Form DI | Downstream investment by a foreign owned Indian company | 30 days from the investment | Indian entity making the downstream investment |
| FLA Return | Annual position of foreign liabilities and assets | By July 15 every year | Any Indian entity with outstanding FDI or overseas investment |
What Are the Penalties for Non Compliance with FEMA Valuation and Reporting Rules?
Beyond the direct financial penalty, an unresolved FEMA contravention shows up in due diligence for the next funding round or exit, and AD banks are increasingly reluctant to process further inward remittances for a company with an open compliance issue. Regularising a lapse early, through the LSF route where available, is materially cheaper than discovering it during a later transaction’s diligence.
Will the Draft FEMA (Foreign Investment) Rules, 2026 Change FDI Valuation Requirements?
Regulatory OutlookOn July 21, 2026, the RBI released the draft Foreign Exchange Management (Foreign Investment) Rules, 2026 for public consultation, following a Union Budget 2026-27 mandate for a comprehensive review of the NDI Rules. Comments closed on August 31, 2026. As of this writing, the draft has not been notified in the Official Gazette, and the Foreign Exchange Management (Non Debt Instruments) Rules, 2019 continue to govern every transaction discussed in this guide.
If a uniform fair value standard replaces the current floor and ceiling structure, common private equity and venture capital protections, such as anti dilution buffers that price a fresh round slightly below a strict fair value to protect earlier investors, could become harder to structure without falling foul of the new pricing rule. Companies planning a funding round that may close after the final rules are notified should build in enough flexibility in the term sheet to accommodate a different pricing mechanism, and should track RBI’s notification date rather than assume the current NDI Rules position will carry forward unchanged. We track this rulemaking closely and will update this guide once the final rules are notified.
How to Prepare a Defensible FEMA Valuation Report for FDI
Identify the Direction and the Trigger
Confirm whether the transaction is an inbound issuance or transfer, which applies the floor, or an outbound exit or transfer to a resident, which applies the ceiling. Confirm which of the trigger transactions in this guide applies, since a swap of shares and a straightforward cash subscription carry different documentation needs.
Engage the Correct Certifying Professional
For an unlisted company, confirm the certifier is a Chartered Accountant, a SEBI registered Merchant Banker, or a practising Cost Accountant, holding that qualification in their own right and not only an IBBI registration.
Select and Document the Methodology
Choose Discounted Cash Flow, Net Asset Value, or a market based method appropriate to the company’s stage, and document the rationale for that choice along with every material assumption, rather than presenting a bare per share number.
Align the Valuation Date With the Transaction Timeline
Time the certificate close to the expected date of receipt of funds and allotment, and track the 60 day allotment window and the 30 day FC-GPR window from the moment funds arrive, not from the date the term sheet was signed.
Cross Check Against Parallel Requirements
Where the same transaction also needs a Companies Act valuation for the special resolution, or where Section 56(2)(x) exposure exists on a secondary transfer, reconcile the FEMA number against those other reports so the company is not defending three different values for the same shares.
Complete Reporting Within the Statutory Window
File FC-GPR, FC-TRS, or Form DI as applicable within the timelines set out earlier in this guide, and retain the FIRMS acknowledgement, AD bank confirmation, and the full document set for the compliance file.
Closing a Foreign Round or Preparing for RBI Scrutiny?
From Rule 21 pricing through FC-GPR filing to reconciling with your Rule 11UA and Companies Act numbers, we run FEMA valuation as one coordinated engagement rather than a last minute certificate.
Talk to Our FEMA Valuation Team →Where Founders and CFOs Go Wrong on FEMA Valuation for FDI
-
Assuming angel tax abolition removed the FEMA valuation requirement
Founders who followed the angel tax debate closely sometimes conclude that share pricing for foreign investors no longer needs certification. Rule 21 has never been linked to Section 56(2)(viib) and remains fully in force.Fix: Treat FEMA valuation as a standing requirement for every FDI issuance, independent of any Income Tax position. -
Fixing an assured exit price in the shareholders agreement
A put option that promises the foreign investor a specific return, rather than a price determined by the FEMA methodology at the time of exit, contravenes Rule 2(k)(i) and Rule 9(5), regardless of how the clause is worded commercially.Fix: Structure downside protection as a floor mechanism tied to fair value at exit, not a fixed guaranteed number, and have FEMA counsel review the clause before signing. -
Using a stale valuation certificate at allotment
A certificate dated months before the funds actually arrive is a frequent reason AD banks query an FC-GPR filing, since the company’s financial position may have moved materially in the interim.Fix: Time the valuation certificate to sit close to the expected funds inflow date, and refresh it if allotment slips well beyond that window. -
Treating CCPS and CCD issuances as exempt from FC-GPR
Because compulsorily convertible instruments only become equity on conversion, some companies wrongly assume reporting can wait until conversion. FC-GPR applies at the point of issuance of the CCPS or CCD itself.Fix: File FC-GPR on issuance of the convertible instrument, and fix the conversion price or formula upfront in the same valuation exercise. -
Missing downstream investment obligations in a multi layer group
Companies with an intermediate Indian holding layer often comply diligently at the point foreign money enters India and overlook that every subsequent investment down the chain carries the same Rule 21 and Form DI obligation.Fix: Map every layer of the ownership structure before a downstream investment is made, not after Form DI becomes overdue. -
Defaulting to Net Asset Value out of habit for a growth company
Practitioners used to Rule 11UA sometimes carry the NAV method over to a FEMA valuation for a fast growing company where NAV materially understates value relative to a properly built DCF.Fix: Choose the method based on the company’s actual stage and cash flow visibility, and document why the alternative method was given less weight. -
Forgetting FC-TRS on a purely secondary transaction
When a non resident buys out an existing resident shareholder’s stake with no fresh issuance involved, teams sometimes assume no RBI filing is needed because no new capital entered the company.Fix: File Form FC-TRS within 60 days for any resident to non resident or non resident to resident transfer, regardless of whether the company itself receives any funds.
A Pune based precision engineering manufacturer had agreed commercial terms with a German strategic investor for a USD 6 million primary infusion at a fixed pre money figure the two sides had negotiated directly, with no independent valuation input at the term sheet stage. When the company approached us three weeks before the intended closing date, the agreed price sat noticeably below what an income based valuation of the business, considering its export order book and margin trajectory, would have supported.
We ran a full Discounted Cash Flow valuation reconciled against a Net Asset Value cross check given the company’s significant plant and machinery base, and certified a fair value that comfortably cleared the Rule 21 floor at the originally negotiated price, avoiding a renegotiation. In parallel, we prepared the Companies Act special resolution valuation from the same underlying model and built a compliance calendar working back from the expected remittance date. The funds were remitted, shares allotted within 34 days of receipt against the 60 day limit, and Form FC-GPR filed within 11 days of allotment, well inside the 30 day window, with no AD bank query on the valuation certificate.
Closing Summary: FEMA Valuation Is a Standalone Discipline, Not a By Product of Tax Compliance
Frequently Asked Questions, FEMA Valuation for FDI
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© 2026 Elite Valuation. This article is for informational purposes only and does not constitute legal, tax or financial advice. Regulatory positions, including the draft FEMA (Foreign Investment) Rules, 2026, are subject to change; confirm the current position with a qualified professional before relying on it for a transaction.
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