The Chief Executives of all
Dear Sirs / Madam,
Amendment in Rules related to Formation of New
Attention of Exchange Companies is invited
to Annexure-II, Rule No. 3 of F.E. Circular No. 9 of 2002
in terms of which the minimum paid-up capital for new exchange
companies would be Rs. 100 million which has to be increased
to Rs. 200 million within three years from the date of incorporation.
It has now been decided that the minimum
paid-up capital of all new exchange companies will be Rs.
200 million. Further, all existing exchange companies that
do not meet the minimum capital requirements must fulfill
the same as per the timeline given to them to avoid regulatory
All other instructions on the subject
shall remain unchanged.