Pledge of shares of company incorporated in India

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.... of shares of company incorporated in India- (i) Any person being a promoter of a company registered in India (borrowing company), which has raised external commercial borrowing, may pledge the shares of the borrowing company or that of its associate resident companies for the purpose of securing the external commercial borrowing (ECB) raised by the borrowing company: Provided that no person ....

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....ly:- (a) the period of such pledge shall be co-terminus with the maturity of the underlying external commercial borrowing: (b) in case of invocation of pledge, transfer shall be in accordance with the extent FDI policy and directions issued Reserve Bank; (c) the Statutory Auditor has certified that the borrowing company will utilize/has utilised the proceeds of the external commercial borrow....

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....rseas group company subject to the AD bank satisfying itself of the compliance of the conditions stipulated by the Reserve Bank from time to time in this regard. ] 3[(v) Any person being a non-resident investor of a company registered in India and listed on a recognised stock exchange/s in India (resident investee company), may pledge the shares of that company, in favour of a Non-Banking Financi....