At present, FIIs, QFIs and NRIs are eligible to acquire shares on the recognised stock exchanges in compliance with FEMA regulations, but a non-resident is not permitted to acquire shares on bourses under the FDI scheme.
     
"It has been decided that a non-resident, including an NRI, may acquire shares of a listed domestic company on the stock exchanges through a registered broker under FDI scheme, if the investor has already acquired and continues to hold the control in accordance with Sebi (Substantial Takeover Code)," RBI said in a notification.
    
It further said the amount of consideration for transfer of shares to non-residents consequent to purchase may be paid through inward remittance using normal banking channels. Or debit to the NRE/FCNR account of the person with an authorized dealer/bank.
    
They can also debit to non-interest bearing escrow accounts maintained in India, the RBI said.
    
The pricing for subsequent transfer of shares to non-resident shareholders shall be in accordance with the pricing guidelines under FEMA, it added.

(Agencies)

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