Relief to First Global: FEMA does not authorize AA to issue notice for violations under provisions of FERA, says Bombay HC [Read Order]

First Global - FEMA - Adjudicating Authority - FERA - Bombay High Court - taxscan

A Division Bench of the Bombay High Court has recently held in favour of First Global Stockbroking Pvt. Ltd. that, Adjudicating Authority ( AA )is not authorized to issue notices under the Foreign Exchange Management Act (FEMA), 1999 for violations of provisions in Foreign Exchange Regulation Act (FERA), 1973. Having a similar set of facts,…

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