The Hindu Business Line : Govt notifies norms for FDI in print media, facsimile, syndication

THE Government today notified the new norms for foreign investment in news and current affairs publications, permitting publication of facsimile edition and relaxing the syndication norms. The Cabinet had last month given its nod to these changes.

According to the notification, non-resident Indians, persons of Indian origin, and portfolio investments by recognised FIIs would be allowed up to a maximum of 26 per cent of paid-up equity in news and current affairs.

For facsimile editions of foreign newspapers, it is stipulated that any foreign company owning the original foreign newspaper will be permitted to publish the facsimile edition of its newspaper, provided it is incorporated and registered as a company with the Registrar of Companies, has a commercial presence in India with its principal place of business in India and at least three-fourth of the directors on the board of the entity and all key executives and editorial staff are resident Indians.

It has also clearly stated that the facsimile edition shall not carry any advertisements aimed at Indian readers and not carry any locally generated content/India-specific content, which is not simultaneously published in the original edition of the foreign newspaper.

On syndication rules, the Government has said that the total material so procured and actually printed in an issue of the Indian publication does not exceed 20 per cent of the total printed areas of that issue, and must not include full copy of the editorial page or the front page of the foreign publication. The masthead of the content provider publication must not be utilised in the Indian publication and credit to the content provider must necessarily be given prominently as a byline in the Indian publication.

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