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TMI BlogTransfer of equity instruments by NRI or OCIX X X X Extracts X X X X X X X X Extracts X X X X ..... ts so held by him in compliance with the conditions, if any, prescribed in the Schedules of these rules and subject to the terms and conditions prescribed hereunder : (1) A NRI or an OCI holding equity instruments of an Indian company or units on repatriation basis may transfer the same by way of sale or gift to any person resident outside India : Provided that,- (i) prior Government approval s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an OCI or an eligible investor under Schedule IV of these rules, holding equity instruments of an Indian company or units on a non-repatriation basis, may transfer the same to a person resident outside India by way of sale, subject to the adherence to entry routes, sectoral caps or investment limits, pricing guidelines and other attendant conditions as applicable for investment by a person reside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, namely :- (i) the donee is eligible to hold such a security under relevant Schedules of these rules; (ii) the gift does not exceed five percent of the paid up capital of the Indian company or each mutual fund scheme; Explanation: The five percent shall be on cumulative basis by a single person to another single person. (iii) the applicable sectoral cap in the Indian company is not breached; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le OCB may transfer equity instruments subject to the directions issued by the Reserve Bank of India from time to time in this regard.
Explanation: "Overseas Corporate Body (OCB)" means an entity de-recognised through Foreign Exchange Management [Withdrawal of General Permission to Overseas Corporate Bodies (OCBs)] Regulations, 2003.
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