FEMA Regulations And FDI Policy:

Transfer of equity shares of unlisted Companies – Cases where RBI permission is mandatory:

1. Transfer from Resident to Non-residents by way of sale where:
   
   
   1. Transfer is at a price which falls outside the pricing guidelines and the transaction does not fall under specific exceptions;
   2. Purchase of shares by a Non-resident involves deferment of payment of the amount of consideration. However, the deferment of payment is permitted for up to 25% of the total consideration payable within a period of 18 months from the date of transfer agreement.
2. Transfer by way of gift by a Resident to Non-resident:
   
   
   1. The proposed transferee, the Non-resident, is eligible to hold such shares under FEMA regulations as amended from time to time;