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Renouncement of right in equity shares by Indian residents can be acquired by foreigner: MoF

May 8, 2020
The Govt. has the Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2020 whereby rule 7A has been inserted which states that a person resident outside India who has acquired a right from a person resident in India who has renounced it may acquire equity instruments (other than share warrants) against the said rights as per pricing guidelines.
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