Schedule I explained: this guide covers what it means, who it applies to, the step-by-step process, documents required, fees, due dates and penalties in India — so you can stay compliant with confidence and avoid costly mistakes.
Serial numbers 7 and 8 of the sectoral Table in Schedule I to the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 cover the media sector: broadcasting carriage services, broadcasting content services including news delivered through digital media, and print media. Carriage and non-news content are open on the automatic route; news, in every form, is capped and on the Government route. The Rules are made under clauses (aa) and (ab) of sub-section (2) of section 46 of the Foreign Exchange Management Act, 1999.
This article states the position as per the Rules notified on 17 October 2019 (S.O. 3732(E)) as amended by the notifications named in this article; the latest amendment consulted is S.O. 4870(E) dated 2 September 2026. Later amendments, press notes and sector regulators' conditions should be checked before acting. Media deals carry ownership tests as well as caps, and our FEMA advisory team can review both.
Carriage services (teleports, DTH, cable networks, mobile TV, HITS) and non-news TV channels: hundred per cent, automatic route. FM radio and up-linking of news and current affairs TV channels: 49%, Government route. Uploading or streaming of news and current affairs through digital media: 26%, Government route, added in December 2019. Newspapers, periodicals and Indian editions of foreign magazines dealing with news and current affairs: 26%, Government route. Where the cap is up to 49 percent, the company must be owned and controlled by resident Indian citizens, with the largest Indian shareholder holding at least 51 percent.
Serial number 7: broadcasting
| Serial number | Sector or activity | Sectoral cap | Entry route |
|---|---|---|---|
| 7.1 | Broadcasting Carriage Services (heading) | - | - |
| 7.1.1 | (a) Teleports (setting up of up-linking HUBs/Teleports); (b) Direct to Home (DTH); (c) Cable Networks (Multi System Operators operating at National or State or District level and undertaking up-gradation of networks towards digitalization and addressability); (d) Mobile TV; (e) Head-end-in-the Sky Broadcasting Service (HITS) | Hundred per cent | Automatic |
| 7.1.2 | Cable Networks (other MSOs not undertaking up-gradation of networks towards digitalization and addressability and Local Cable Operators) | Hundred per cent | Automatic |
| 7.1.3 | Note on fresh foreign investment beyond 49 percent (see below) | - | - |
| 7.2 | Broadcasting Content Services (heading) | - | - |
| 7.2.1 | Terrestrial Broadcasting FM (FM Radio), subject to such terms and conditions as specified from time to time by the Ministry of Information and Broadcasting for grant of permission for setting up of FM Radio stations | 49% | Government |
| 7.2.2 | Up-linking of 'News & Current Affairs' TV Channels | 49% | Government |
| 7.2.3 | Uploading/Streaming of News and Current Affairs through Digital Media | 26% | Government |
| 7.2.4 | Up-linking of Non-'News & Current Affairs' TV Channels/ Down-linking of TV Channels | Hundred per cent | Automatic |
| 7.3 | Other conditions (a) to (d) | - | - |
The Table prints the hundred per cent cap as a percentage figure; it is written in words throughout this article.
The Note at serial number 7.1.3
Infusion of fresh foreign investment for the sectors in 7.1.1 and 7.1.2, beyond 49 percent, in a company not seeking licence or permission from the sectoral Ministry, resulting in change in the ownership pattern or transfer of stake by an existing investor to a new foreign investor, will require Government approval. So the automatic route in carriage services has this one exception.
Serial number 7.3: other conditions
(a) Foreign investment in companies engaged in all the services above is subject to relevant regulations and such terms and conditions as the Ministry of Information and Broadcasting may specify from time to time.
(b) Foreign investment in broadcasting carriage services is subject to the terms and conditions that Ministry may specify.
(c) The licensee shall ensure that broadcasting service installation carried out by it shall not become a safety hazard and is not in contravention of any statute, rule or regulations and public policy.
(d) Where the sectoral cap is up to 49 percent, the company should be owned and controlled by resident Indian citizens or Indian companies which are owned and controlled by resident Indian citizens. For this purpose:
- the equity held by the largest Indian shareholder shall be at least 51 percent of the total equity, excluding equity held by Public Sector Banks and Public Financial Institutions as defined in section 4A of the Companies Act, 1956 or section 2(72) of the Companies Act, 2013;
- "largest Indian shareholder" includes any or a combination of: for an individual shareholder, the individual, a relative within section 2(77) of the Companies Act, 2013, and a company or group of companies in which the individual or the Hindu Undivided Family to which he belongs has management and controlling interest; for an Indian company, the company and a group of Indian companies under the same management and ownership control;
- "Indian company" for this purpose must have a resident Indian or a relative, or HUF, singly or in combination holding at least 51 percent of the shares;
- in case of a combination, each of the parties shall have entered into a legally binding agreement to act as a single unit in managing the matters of the applicant company.
A printing point. The Gazette prints the opening of condition (d) as "In the l and B sector", with a lower-case letter in place of the capital I. Readers should confirm against the official text.
Serial number 8: print media
| Serial number | Sector or activity | Sectoral cap | Entry route |
|---|---|---|---|
| 8.1 | Publishing of newspaper and periodicals dealing with news and current affairs | 26% | Government |
| 8.2 | Publication of Indian editions of foreign magazines dealing with news and current affairs | 26% | Government |
| 8.2.1 | Other conditions (a), (b) | - | - |
| 8.3 | Publishing or printing of Scientific and Technical Magazine or specialty journals or periodicals, subject to compliance with the legal framework as applicable and guidelines issued from time to time by the Ministry of Information and Broadcasting | Hundred per cent | Government |
| 8.4 | Publication of facsimile edition of foreign newspapers | Hundred per cent | Government |
| 8.4.1 | Other conditions (a) to (c) | - | - |
Every print media entry is on the Government route, including the two with a cap of hundred per cent.
Serial number 8.2.1
(a) "Magazine" is defined as a periodical publication, brought out on non-daily basis, containing public news or comments on public news.
(b) Foreign investment is also subject to the Guidelines for Publication of Indian editions of foreign magazines dealing with news and current affairs issued by the Ministry of Information and Broadcasting on 4-12-2008.
Serial number 8.4.1
(a) Foreign investment shall be made by the owner of the original foreign newspapers whose facsimile edition is proposed to be brought out in India.
(b) Publication of a facsimile edition can be undertaken only by an entity incorporated or registered in India under the Companies Act, 2013.
(c) It is also subject to the Guidelines issued by the Ministry of Information and Broadcasting on 31-3-2006 for publication of newspapers and periodicals dealing with news and current affairs and of facsimile editions of foreign newspapers.
The guidelines of 2006 and 2008 are named by the Table and are not set out in the Rules.
Which notification changed what
| Provision | Change | Notification |
|---|---|---|
| 7.2.3 (digital media) | New entry inserted | Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2019, S.O. 4355(E) dated 5 December 2019, clause 6, item (iv) |
| 7.2.4 (non-news channels) | The entry notified as 7.2.3 renumbered 7.2.4; cap and route unchanged | Same item |
| 7.1.1 to 7.2.2, 7.3, and the whole of serial number 8 | As notified on 17 October 2019 | None of the 19 amending notifications up to 2 September 2026 changes them |
Item (iv) of clause 6 of S.O. 4355(E) came into force on the date of its publication in the Official Gazette. The route for all Government entries is explained in our article on automatic route and Government route.
A worked example
Lumen Media Holdings Limited, a foreign company, looks at three Indian targets.
- Akash DTH Private Limited provides direct to home services. Serial number 7.1.1(b): hundred per cent, automatic route, subject to the Note at 7.1.3 and the Ministry's terms.
- Samachar Stream Private Limited streams news and current affairs through a website and an app. Serial number 7.2.3: Lumen may hold up to 26%, with prior Government approval.
- Prabhat News Television Limited up-links a news channel. Serial number 7.2.2: 49%, Government route. Because the cap is up to 49 percent, condition 7.3(d) applies: the largest Indian shareholder must hold at least 51 percent of total equity, counted as that condition directs.
Need help with foreign investment in a media company?
News and non-news, carriage and content, print and digital each sit under a different entry. Our FEMA advisory service places the business under the right serial number and checks the ownership and control test before the investment is priced.
Key takeaways
- Carriage services and non-news TV channels: hundred per cent, automatic route.
- FM radio and news channel up-linking: 49%, Government route.
- Digital media news: 26%, Government route, inserted by S.O. 4355(E) dated 5 December 2019.
- News print media and Indian editions of foreign news magazines: 26%, Government route.
- Scientific and technical magazines and facsimile editions: hundred per cent, but on the Government route.
- Where the cap is up to 49 percent, the largest Indian shareholder must hold at least 51 percent.
Read next
- Serial number 9 of the Table: civil aviation
- Serial number 14 of the Table: telecom services
- Schedule I paragraph 3(b): sectoral caps, investing companies and joint audit
- FDI sectoral caps: an overview chart
Disclaimer: Based on the Gazette text of the instrument this article names, as notified and as amended by the notifications named in the article (for the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 the latest amendment consulted is S.O. 4870(E) dated 2 September 2026), as consulted on 2 October 2026. There is no official consolidated text; the provisions were read with each amendment applied. Sectoral caps, entry routes, conditions, forms and time limits change by notification, press note and circular; later changes should be checked on the Gazette, DPIIT and Reserve Bank sites. This article is general information, not legal advice; check the official text before acting.