INSIGHTS

Preparing for India’s proposed Foreign Investment Rulebook - From Instruments to Equity, From Downstream Tests to Control

Introduction : The Reserve Bank of India (“RBI”) had issued the draft Foreign Exchange Management (Foreign Investment) Rules, 2026 (“Draft Rules”) for public comments on 21 July 2026. On notification, they would supersede the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (“NDI Rules”). The exercise is in wake of the comprehensive review of the Union Budget 2026-27 and the RBI’s goal is a “simplified and principle-based framework, neutral as to investor and in

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