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The Indian stock market operates within a regulatory framework that includes two crucial acts – FERA and FEMA. These are two important laws that regulate the foreign exchange market and the transactions involving foreign currency in the country. FERA full form is Foreign Exchange Regulation Act, which was enacted in 1973 and repealed in 1999. FEMA full form is Foreign Exchange Management Act, which replaced FERA and is still in force. However, there is a huge difference between FERA and FEMA in terms of their objectives, scope, provisions, and penalties. In this blog, we will explain the FERA and FEMA full form, differences and share insights into the reasons why FEMA replaced FERA.

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