Which additional conditions are to be fulfilled by an Indian company 'making investment in Joint Ventures (JV)/Wholly Owned Subsidiaries (WOS) abroad in the financial services sector' as per Overseas Direct Investment ?

An Indian entity engaged in financial services activity in India may make Overseas Direct Investment (ODI) in a foreign entity, which is directly or indirectly engaged in financial services activity, subject to the following conditions, namely: the Indian entity has posted net profits during the preceding three financial years; the Indian entity is registered with or regulated by a financial services regulator in India; the Indian entity has obtained approval as may be required from the regulators of such financial services activity, both in India and the host country or host jurisdiction, as the case may be, for engaging in such financial services: An Indian entity not engaged in financial services activity in India may make ODI in a foreign entity, which is directly or indirectly engaged in financial services activity, except banking or insurance, subject to the condition that such Indian entity has posted net profits during the preceding three financial years.