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NRI share transfer under Portfolio Investment Scheme (PIS)

Shares purchased under Portfolio Investment Scheme (PIS) on stock exchange shall be sold on the stock exchange only. Such shares cannot be transferred by way of sale under private arrangement or by way of gift (except by NRIs to their relatives as defined in Section 6 of Companies Act, 1956, or to a charitable trust duly registered under the laws in India) to a person residing in India or outside India without prior approval of the Reserve Bank.

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