Restriction on security transfers by non-residents: RBI may permit issuance or transfer subject to conditions under regulations. Regulation 3 prohibits any person resident outside India from issuing or transferring any security except as otherwise provided in the Act or subordinate rules; securities issued prior to and held on commencement are deemed issued under these Regulations; and the Reserve Bank may, on application and for sufficient reasons, permit issuance or transfer subject to conditions. The 2000 Regulations have been superseded by the 2017 Regulations.