1. Foreign companies can set up wholly owned subsidiary in sectors where 100% foreign direct investment is permitted under the FDI policy. For registration and incorporation of the company, an application has to be filed with Registrar of Companies (ROC) as well as RBI. Once a company has been duly registered and incorporated as an Indian company, it is subject to Indian laws and regulations as applicable to other domestic Indian companies. Foreign equity in such Indian companies can be up to 100% depending on the requirements of the investor, subject to equity caps in respect of the area of activities under the FDI policy. 2. Telecom, Coal and lignite, Mining, Private sector banking, Insurance, Domestic airlines, Petroleum (other than refining), Refining, Investing companies/ Services sector, Atomic minerals, Defence industry sector, Broadcasting, Setting up hardware, facilities such as uplinking, HUB, etc., Cable network, Direct-to-Home, Terrestrial Broadcasting FM, Small scale industries (SSI) sector, Satellites, Tea sector, Print Media are the sectors which attract ceiling on foreign ownership. 3. FDI in relation to control or ownership of a company in India takes one of two routes- Procedure under automatic route and Government approval. Automatic route is available to all sectors or activities that do not have a sector cap i.e. where 100% foreign ownership is permitted, or for investments that are within a sector cap and where the Automatic route is allowed. FDI in activities not covered under the automatic route requires prior Government Approval and are considered by the Foreign Investment Promotion Board (FIPB). Approvals of composite proposals involving foreign investment/ foreign technical collaboration are also granted on the recommendation of the FIPB. FDI in sector/ activities to the extent permitted under automatic route does not require any prior approval either by Government of India or RBI. The investor are only required to notify the Regional office concerned of RBI and file the required documents with that office within 30 days of receipt of inward remittances. The investment should be in accordance with the prescribed guidelines. This procedure is applicable only for fresh investments directly in Indian companies and not for purchase of shares from the existing shareholders. Under Government approval route, application of all FDI cases, except Non-Resident Indian (NRI) investments and 100% Export Oriented Units (EOUs), should be submitted to the FIPB Units, Department of Economic Affairs (DEA), Ministry of Finance. Applications for NRI and 100% EOU cases should be presented to SIA in Department of Industrial Policy and Promotion. Application can also be submitted with Indian Missions abroad who forward them to the Department of Economic Affairs for further processing.