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of <h1>Indian residents prohibited from issuing or transferring foreign securities without RBI permission under FEMA Regulation 3</h1> Regulation 3 of the Foreign Exchange Management Act prohibits Indian residents from issuing or transferring foreign securities unless permitted under the Act, rules, regulations, or directions. The Reserve Bank retains discretionary authority to grant permission to Indian residents for such transactions upon application. This provision establishes a general prohibition with regulatory exceptions for foreign security transactions by Indian residents.
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