Do you know India replaced its overseas investment rules entirely in 2022?

The old framework - Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 - was replaced wholesale by the Foreign Exchange Management (Overseas Investment) Rules, Regulations and Directions, 2022, which introduced the "Overseas Direct Investment" and "Overseas Portfolio Investment" classification, revised the "strategic sector" and "financial services activity" tests, and materially changed the compliance route for setting up step-down subsidiaries abroad.