On July 21, 2026, the Reserve Bank of India has released a draft set of rules in the public domain which will replace the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 once finalised. The document is named Foreign Exchange Management (Foreign Investment) Rules, 2026. Its most important proposal is deceptively simple: the 10 percent line that has long separated foreign direct investment from foreign portfolio investment for listed companies will apply to unlisted companies.