What is the list of case where prior approval is needed by RBI to transfer capital instruments?

The following cases require prior approval of RBI:

• Transfer of capital instruments from resident to non-residents by way of sale where:
  • Transfer is at a price which falls outside the pricing guidelines specified by RBI
  • Transfer of capital instruments by the non-resident acquirer involving deferment of payment of the amount of consideration.
• Transfer of any capital instrument, by way of gift by a person resident in India to a person resident outside India. 

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