New Delhi:  Country''s biggest private sector lender ICICI Bank today said it is seeking clarification from the government on the new foreign direct investment (FDI) rules which say a company having over 50 per cent overseas equity will be treated as foreign-owned entity.

Speaking on the sidelines of a function here, organised by FICCI Ladies Organisation, ICICI Bank Joint Managing Director Chanda Kochhar said, ''nothing has changed in the ownership pattern of the bank, it has been same for years. We are awaiting clarification and comments from the government on the issue.''

As per the changes in the FDI guidelines by the Department of Industrial Policy and Promotion (DIPP), the total FDI will take into account the stakes held by Non-Resident Indians, American and global depository receipts, foreign currency convertible bonds and convertible preference shares. According to Press Note 2, downstream investments by companies having over 50 per cent shareholding by Indians, and majority Indian directors, need not follow FDI related restrictions like sectoral caps.

The Press Note 3 says the government approval is necessary for transfer of ownership or control of Indian companies to overseas firms and individuals, and Press Note 4 separates companies into four categories on the basis of type of operations, investing or operating or both.

Hence, the companies having over 50 per cent foreign equity, will be treated as ''foreign-owned'' but ''Indian-controlled'' entities and any downstream investment by them will be subject to FDI restrictions.

Expressing concern over the changes, the Reserve Bank of India had recently pointed out to the Finance Ministry that these new norms could affect seven private sector banks-- ICICI Bank, ING Vysya, YES Bank, HDFC Bank, Development Credit Bank, IndusInd Bank and Federal Bank.

The new regulations will be applicable only after they are notified under the Foreign Exchange Management Act (FEMA). Till now, the rules are under suspended animation due to various objections from different sectors.