New Delhi, Sept. 3 -- The Ministry of Corporate Affairs (MCA) has clarified that there is currently no automatic data-sharing mechanism between the MCA and Reserve Bank of India (RBI) for registration of foreign companies.

In a frequently asked questions (FAQ) document on registration of foreign companies and subsidiaries of foreign bodies corporate, the MCA said documentation requirements of the two regulators are different. RBI approval does not replace separate MCA filing and documentation requirements, it added.

The clarification comes as foreign companies operating in India are required to comply with both the Companies Act and foreign exchange regulations, reported Financial Express.

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