The government is examining a broad rationalisation of foreign direct investment (FDI) rules, covering listed and unlisted companies, company-level foreign holding caps, downstream investment norms, and pricing guidelines for cross-border share transfers. The proposed overhaul is part of a comprehensive review of the Foreign Exchange Management Non-debt Instruments Rules, 2019 (NDI Rules), to take into account changes in investor profiles, deal structures, and capital markets. The changes are also expected to ease foreign investments and capital inflows into the country while keeping regulatory oversight intact and more pragmatic.