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Decoding Downstream Investment
A Refreshed FAQ Compilation
August 28, 2025
This updated compilation of Frequently Asked Questions (FAQs) supersedes the version published by us in
November 2024 (available at: FAQs - Downstream Investment November 2024 Edition) and reflects the latest
regulatory position on downstream investment in India.
On January 20, 2025, the RBI issued amendments to the Master Direction – Foreign Investment in India
(“Master Direction”) (available at RBI Master Direction – Foreign Investment in India), introducing significant clarifications aimed at aligning the regulatory framework governing downstream investment with that
applicable to direct foreign investment under the Foreign Exchange Management (Non-debt Instruments)
Rules, 2019 (“NDI Rules”).
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