What are the permissions required for the transfer of securities by NRI/ PIO through off-market trade?
The table given below summarizes the permissions required for the off-market transfer:FromToTransactionPermissions RequiredNRINRISale or Gift General permission, no specific permission to be taken*NRIResident IndianGiftPrior approval of RBI required.NRIResident IndianSale under private arrangementGeneral permission already available.Resident IndianNRIGiftPrior approval of RBI/FIPB should be obtained.Resident IndianNRISale under private arrangementGeneral permission is already available provided the shares being transferred are not of the companies engaged in financial service sectors, such transfer does not attract SEBI takeover code and the activity of the company should be eligible for FDI. * Provided that the person to whom the shares are being transferred has obtained prior permission of Central Government to acquire the shares, if he has previous venture or tie up in India through investment in shares or debentures or a technical collaboration or a trade mark agreement or investme
