Permission for Purchase /Acquisition of Foreign Securities in Certain Cases

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....ether resident in or outside India. 5[(2) A person resident in India, being an individual, who is an employee or a director of Indian office or branch of a foreign entity or of a subsidiary in India of a foreign entity or of an Indian company in which foreign entity has direct or indirect equity holding, may accept the shares offered by such foreign entity provided that: I.  the shares under the ESOP Scheme are offered by the issuing company globally on uniform basis, and II. an Annual Return is submitted by the Indian company to the Reserve Bank through the Authorised Dealer bank giving details of remittances / beneficiaries etc., Explanation:- For the purpose of this sub-regulation, 'indirect' means 'indirect fore....

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....may be authorized by such company or its Overseas Custodian Bank. (ii) A person resident in India may redeem IDRs issued by an eligible company resident outside India through a Domestic Depository, subject to compliance of the following conditions with respect to the underlying shares on redemption : (a)  Listed Indian companies may either sell or continue to hold the underlying shares subject to the terms and conditions as per Regulations 6B and 7 of the Notification No. FEMA.120/RB-2004 dated July 7, 2004, as amended from time to time. (b)  Indian Mutual Funds, registered with SEBI may either sell or continue to hold the underlying shares subject to the terms and conditions as per Regulation 6C of the Notification No. FEMA.....

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....shares are offered at a concessional price; and (b) the consideration for purchase does not exceed U.S.$ 10,000 or its equivalent in a block of five calendar years" 2. Substituted vide Notification No. G.S.R. 13(E) dated 09-10-2007, w.e.f. 05-04-2006 before it was read as, "3. An authorised dealer may allow the remittance by the person eligible to purchase the shares in terms of sub-regulation (2): - Provided that the condition specified in that sub-regulation is fulfilled. (4) A person resident in India may transfer by way of sale the shares acquired in terms of sub-regulation (1) and (2) above Provided that the proceeds thereof are repatriated immediately on receipt thereof and in any case not later than 90 days fro....