Permission for purchase /acquisition of foreign securities in certain cases

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..... ritance from a person whether resident in or outside India. 5 [(2) A person resident in India, being an individual, who is an employee or a director of Indian office or branch of a foreign entity or of a subsidiary in India of a foreign entity or of an Indian company in which foreign entity has direct or indirect equity holding, may accept the shares offered by such foreign entity provided that: I. the shares under the ESOP Scheme are offered by the issuing company globally on uniform basis, and II. an Annual Return is submitted by the Indian company to the Reserve Bank through the Authorised Dealer bank giving details of remittances / beneficiaries etc., Explanation: - For the purpose of this s .....

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..... ransfer equity shares of eligible company resident outside India, being the underlying shares for the purpose of issuing IDRs as may be authorized by such company or its Overseas Custodian Bank. (ii) A person resident in India may redeem IDRs issued by an eligible company resident outside India through a Domestic Depository, subject to compliance of the following conditions with respect to the underlying shares on redemption : (a) Listed Indian companies may either sell or continue to hold the underlying shares subject to the terms and conditions as per Regulations 6B and 7 of the Notification No. FEMA.120/RB-2004 dated July 7, 2004 , as amended from time to time. (b) Indian Mutual Funds, registered .....

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..... in which foreign equity holding is not less than 51 per cent, may purchase the equity shares offered by the said foreign company:- Provided that - a) the shares are offered at a concessional price; and b) the consideration for purchase does not exceed U.S.$ 10,000 or its equivalent in a block of five calendar years 2. Has been substituted vide Notification No. G.S.R. 13(E) dated 9/10/2007 (w. e. f. the 5th day of April, 2006) before it was read as, 3. An authorised dealer may allow the remittance by the person eligible to purchase the shares in terms of sub-regulation (2): - Provided that the condition specified in that sub-regulation is fulfilled. (4) A person resident in India may transfer by way of sale the s .....

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