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Can shares acquired under PIS be transferred under private arrangements?

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The shares acquired by NRIs through the PIS route on the stock exchange cannot be transferred by way of sale under any private arrangement to a person resident in India or outside India without prior approval of the Reserve Bank.

However, NRIs can transfer shares acquired under PIS to their relatives as defined in Section 6 of Companies Act, 1956, or to a charitable trust duly registered under the laws in India.


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