Section 3 in The Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004
3. Prohibition on issue or transfer of foreign security. - Save as otherwise provided in the Act or rules or regulations made or directions issued thereunder, no person resident in India shall issue or transfer any foreign security:
Provided that the Reserve Bank may, on application made to it, permit any person resident in India to issue or transfer any foreign security.
