Transfer of shares and convertible debentures of an Indian company by a person resident outside India

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....es or convertible debentures or warrants of an Indian company or units of an Investment Vehicle] in accordance with these Regulations, may transfer the ^9[shares or convertible debentures or warrants of an Indian company or units of an Investment Vehicle] so held by him, in compliance with the conditions specified in the relevant Schedule of these regulations. ^3[Further, subject to minimum lock-in period of one year or minimum lock-in period as prescribed under Annex-B of Schedule 1 whichever is higher, a person resident outside India holding the ^7[shares or convertible debentures or warrants] of an Indian company containing an optionality clause in accordance with these Regulations and exercising the option/right, may exit without any....

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....ions, (a)  may transfer the same to a person resident in India by way of gift; (b)  may sell the same on a recognized Stock Exchange in India through a registered broker.]     ***************** NOTES:- 1. Substituted vide Notification No. 094/2003 dated 18-06-2003, w.e.f. 18-06-2003. 2. Omitted vide Notification No. FEMA 229/2012-RB, Dated 23-04-2012, w.e.f. 23-04-2012 before it was read as, "Provided that the person to whom the shares are being transferred, in terms of clause (i) and (ii), has obtained prior permission of Central Government to acquire the shares if he has previous venture or tie up in India through investment in shares or debentures....

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.... debentures, at a price worked out as per any internationally accepted pricing methodology at the time of exit, duly certified by a Chartered Accountant or a SEBI registered Merchant Banker. The guiding principle would be that the non-resident investor is not guaranteed any assured exit price at the time of making such investment/agreements and shall exit at the price prevailing at the time of exit, subject to lock in period requirement." 6. Substituted vide Notification No. FEMA. 308/2014-RB, dated 30-06-2014, w.e.f. 30-06-2014 before it was read as, "shares and convertible debentures" 7. Substituted vide Notification No. FEMA. 308/2014-RB, dated 30-06-2014, w.e.f. 30-06-2014 before it was read as, ....