ap1 (k) 17 November 2014
Hi ,
if a person acquires a share of Indian Company while he was resident of India but later he becomes NRI . Now, he wants to sell the shares to indian resident ? what is the procedural requirement for selling the shares ? RBI approval necessary ? Please provide the relevant provisions also and forms to be filled.
Thank you
Kappil Cchandna (Expert Bail & Criminal Defence Lawyer at Delhi Supreme Court of India) 17 November 2014
T. Kalaiselvan, Advocate (Advocate) 18 November 2014
NRIs can freely sell securities acquired by them with repatriation benefits, without any permission through a sock exchange.
The Reserve Bank of India has now further simplified financial transactions by NRIs/PIOs by granting general permissions for transfer of shares, by way of sale under private arrangement to another NRI or to a resident.
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