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What even is this question..fema is a legislation cap marks is a practice area, you will use fema in cap marks. That is like asking if I should do companies act or m&a?
FEMA would apply to GC/M&A which has a broader scope than Capital Markets (regardless of it being in debt or equity).
As someone who has practiced both deeply and extensively. FEMA was more fun.

But there isn't an exclusive FEMA practice that i am aware of. I have had to do FEMA as part of my other practice areas. In CAP Marks i had to FEMA, In GC and PE i had to FEMA.
FEMA is not a practice area FYI.its a part of commercial transactions involving foreign investors.
Which is better? I am student interested in both. Which would be better ROI?