On 05th April 2023, the Department of Telecommunication (DoT) issued a License Agreement for Unified License Virtual Network Operators (VNO).
The following conditions have been stated namely –
- The Licensee shall declare the Indian & Foreign equity structure (both direct and indirect) in the Licensee company and submit a compliance report regarding the compliance of FDI norms and security conditions on 1st day of January of every year to the Licensor in Proforma as may be prescribed from time to time. This is to be certified by Company Secretary or Statutory Auditor, and countersigned by the duly authorized Director of the Licensee Company.
- In case there is a change in FDI in the Licensee’s company, the Licensee shall also submit the FDI compliance report within 15 days.