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Can shares acquired under PIS be transferred under private arrangements?

Zerodha (Trade with the best stock broker)

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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