Foreign Direct Investment in India Transfer of Shares/Convertible Debentures by way of Sale - Clarification

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....d to Deal in Foreign Exchange Madam/Sir, Foreign Direct Investment in India Transfer of Shares/Convertible Debentures by way of Sale - Clarification Attention of the Authorised Dealer (AD) banks is invited to A. P. (DIR Series) Circular No.16 dated October 04, 2004, wherein Authorised Dealer banks have been delegated powers to deal with transfer of shares/convertible debentures from resid....

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....tivity in the financial service sector (i.e. Banks, NBFCs and Insurance), by a resident to a non-resident. (b) Transfer of shares by a non-resident to an Indian company under buy-back and/or capital reduction scheme of the company. The requirements stipulated in the Annex to the aforementioned circular will also be applicable in these cases. 3. Authorised Dealers may bring the contents of....