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<h1>Regulation 3 FEMA 2000 prohibits non-residents from issuing or transferring securities without RBI permission</h1> Regulation 3 of FEMA 2000 prohibits persons resident outside India from issuing or transferring securities, except as permitted under the Act or related rules and regulations. Securities issued and held before these regulations commenced are deemed compliant and governed by these provisions. The Reserve Bank may grant permission for such transactions upon application and sufficient justification, subject to necessary conditions. These original regulations have been superseded by new regulations enacted in 2017.