Section 9(2) in The Foreign Exchange Management (Transfer Or Issue Of Security By A Person Resident Outside India) Regulations, 2000
(2)[(i) A person resident outside India, not being a non-resident Indian or an overseas corporate body, may transfer by way of sale or gift the [shares or convertible debentures or warrants of an Indian company or units of an Investment Vehicle] [Substituted by G.S.R. 558(E), dated 18.6.2003 (w.e.f. 22.7.2003).] held by him or it to any person resident outside India;(ii)A non-resident Indian or an overseas corporate body may transfer by way of sale or gift, the [shares or convertible debentures or warrants of an Indian company or units of an Investment Vehicle] [Substituted by Notification No. G.S.R. 858 (E), dated 16.11.2015 (w.e.f. 8.11.2005)] held by him or it to another non-resident Indian [* * *] [Omitted by G.S.R. 836(E), dated 3.10.2003 (w.e.f. 23.10.2003).][only: [Substituted by G.S.R. 558(E), dated 18.6.2003 (w.e.f. 22.7.2003).][* * *](iii)A person resident outside India holding the [shares or convertible debentures or warrants of an Indian company or units of an Investment Vehicle] [Substituted by Notification No. G.S.R. 858 (E), dated 16.11.2015 (w.e.f. 8.11.2005)] of an Indian company in accordance with these regulations(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.]
