Section 9(2)(ii) in The Foreign Exchange Management (Transfer Or Issue Of Security By A Person Resident Outside India) Regulations, 2000
(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).]