RBI & FEMA Advisory

The reporting layer behind every cross-border transaction.

Any transaction that crosses India's borders — foreign investment into an Indian company, an Indian company's investment overseas, external commercial borrowing, or even certain categories of remittance — carries reporting obligations under the Foreign Exchange Management Act (FEMA), administered through the Reserve Bank of India's reporting framework.

Our RBI & FEMA Advisory practice handles these filings and the underlying compliance assessment — drawing on the firm's broader experience with banking relationships and cross-border structures to ensure filings are accurate, timely, and consistent with the commercial substance of the underlying transaction.

FDI reporting, done right the first time.

When a foreign investor subscribes to shares of an Indian company, or when existing shares are transferred between resident and non-resident parties, FEMA prescribes specific reporting timelines and formats. Errors or delays here can complicate future fundraising rounds, as incoming investors' counsel routinely review historical FEMA compliance during due diligence.

• FC-GPR filing for fresh issue of shares to non-residents
• FC-TRS filing for transfer of shares between resident and non-resident
• Pricing guideline compliance for share issuances and transfers
• Sectoral cap and entry route compliance assessment
• Compounding application support for past non-compliance, where relevant

ODI and ECB compliance for Indian companies looking outward.

Indian companies investing in overseas subsidiaries or joint ventures, or borrowing from overseas lenders, face their own set of FEMA reporting requirements — including periodic reporting on the performance and financial position of overseas entities.

• ODI reporting (Form FC) for investment in overseas JV/WOS
• Annual Performance Report (APR) filing for overseas investments
• External Commercial Borrowing (ECB) reporting — Form ECB and ECB-2 returns
• Compliance assessment for automatic vs. approval route eligibility

FEMA compliance as a design input, not an afterthought.

The most effective FEMA compliance happens at the structuring stage — when a transaction is being designed, not after it has been executed. This practice works closely with our Cross-Border Advisory team so that FEMA reporting requirements and pricing guidelines are factored into transaction structures from the outset.

• FEMA compliance assessment for proposed transaction structures
• Pricing guideline advisory for cross-border share transactions
• Liaison with Authorised Dealer (AD) banks for transaction-specific compliance
• Coordination with Cross-Border Advisory and Valuation practices for integrated transaction support