Section 19(5) in The Foreign Exchange Regulation Act, 1973
(5)[ Notwithstanding anything contained in any other law, no transfer of any share, bond or debenture of a company registered in India made by a person resident outside India or by a national of a foreign State to another person resident in India shall be valid unless such transfer is confirmed by the Reserve Bank on an application made to it in this behalf by the transferor or the transferee. [Substituted by Act 29 of 1993, Section 8, for sub-Sections (5) and (6) (w.e.f. 8.1.1993). ]
