Advisory on Foreign Direct Investment structures and approvals, External Commercial Borrowings, Overseas Direct Investment, Branch and Liaison Office establishment, and all ongoing FEMA compliance and RBI reporting.

Navigating Cross-Border Investment with FEMA Expertise

India’s foreign exchange regulatory framework is principally governed by the Foreign Exchange Management Act, 1999 (FEMA), and the master directions, circulars, and notifications issued by the Reserve Bank of India under it. Navigating this framework — whether for an inbound FDI transaction, an outbound investment, an ECB draw-down, or the establishment of a foreign entity’s India presence — requires specialist knowledge of the current regulations and their practical application. Sudhir Hulyalkar & Co. provides advisory and compliance services to companies and investors engaged in cross-border transactions and international operations.

The firm advises on Foreign Direct Investment — covering sectoral caps, prohibited sectors, automatic versus government approval routes, and the applicable pricing, valuation, and reporting requirements. For companies raising External Commercial Borrowings, the firm advises on eligible borrowers and lenders, the ECB framework under RBI Master Directions, draw-down and repayment structuring, and all reporting obligations. For Indian companies investing abroad through Joint Ventures or Wholly Owned Subsidiaries, the firm manages the Overseas Direct Investment regulatory process. Branch, Liaison, and Project Office establishment by foreign entities in India is also within the firm’s practice.

FDI, ECB, ODI & RBI Compliance

Post-transaction FEMA compliance — including FC-GPR filings on allotment of shares to foreign investors, FC-TRS filings on secondary transfers, FLA annual returns, ODI annual returns, and ongoing RBI reporting — is managed by the firm on a continuing basis. Clients with cross-border transactions are thereby protected against regulatory risk arising from missed or inaccurate filings, which carry significant penalties under FEMA.
01

Transaction Analysis

Reviewing the proposed investment or borrowing structure against FEMA regulations, RBI master directions, and SEBI guidelines to identify optimal routes and potential issues.
02

Regulatory Approvals

Preparing and filing applications for RBI approvals, FIPB clearances (where applicable), and all associated regulatory submissions.
03

Ongoing Compliance

Managing all post-transaction FEMA filings: FC-GPR, FC-TRS, ODI forms, RBI annual returns, and continuous reporting obligations.

Scope of Service

  • Foreign Direct Investment (FDI): advisory on sectoral caps, prohibited sectors, entry routes, and approval requirements
  • External Commercial Borrowings (ECB): structuring, RBI intimation, draw-down, and repayment compliance
  • Overseas Direct Investment (ODI): Indian company investments in Joint Ventures and WOS abroad
  • Branch, Liaison, and Project Office: establishment advisory and RBI approval for foreign entities in India
  • FEMA compliance: FC-GPR, FC-TRS, FLA returns, ODI filings, and all RBI reporting