Deadline set for digital media firms to reduce foreign investment

News websites and other digital platforms providing news and current affairs with foreign investment beyond the permitted 26% of equity have been given till October 21 to reduce this, according to a notice by the information and broadcasting ministry. They, and other entities with foreign investment even up to the permitted limit have been asked by the ministry to provide details of their ownership patterns within a month.

The norms also apply to entities involved in uploading or streaming of news and current affairs through digital platforms.

The details on ownership sought to include names and addresses of promoters, directors, significant beneficial owners, and shareholders. The companies have been asked to provide confirmation on compliance with pricing, documentation and reporting requirements under the FDI Policy, Foreign Exchange Management (Non-debt Instruments) Rules, 2019 and Foreign Exchange Management (Mode of Payment and Reporting of Non-debt Instruments) Regulations, 2019.