Foreign investment pricing safeguards require fair value, upfront conversion terms, and no assured exit price.

Rule 21 requires equity instruments issued to, or transferred involving, non-residents to comply with minimum or maximum pricing based on applicable market pricing or certified arm's-length valuation. Convertible instruments and share warrants must have their price or conversion formula determined upfront. Non-resident investors cannot receive an assured exit price and must exit at the prevailing price. Equity-instrument swaps require specified professional valuation, while memorandum-of-association subscriptions may be at face value subject to entry-route and sectoral-cap requirements. Non-repatriation investments are excluded.

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