Optionality in foreign investment instruments allows non-resident exits subject to market, RoE, or certified pricing rules. Issuance of shares or convertible debentures with an optionality clause but without any assured exit price is permitted to non-residents subject to Schedule I terms and a minimum lock-in of one year or higher as per Schedule I Annex-B; exits must be without assured return and priced as follows: listed company exits at recognised stock exchange market price, unlisted equity exits at a price not exceeding that based on Return on Equity from the latest audited balance sheet, and preference shares or debentures priced under an internationally accepted methodology certified by a Chartered Accountant or SEBI-registered Merchant Banker.