Restriction on sale of JV/WOS shares requires Reserve Bank permission; limited exception for certain individual shareholders. Regulation 16 prohibited an Indian party from selling shares or securities held in a Joint Venture or Wholly Owned Subsidiary outside India without the permission of the Reserve Bank, except that an individual resident holding qualification or rights shares acquired under specified clauses of Regulation 21 could sell those shares without prior RBI approval; the provision was amended in 2002 and later superseded by a 2004 notification.