Regulation 16 - Transfer by way of sale of shares of a JV/WOS - Foreign Exchange Management (Transfer Or Issue of Any Foreign Security) Regulations, 2000

Has been superseded vide Notification No. 120/2004 dated 7/7/2004 16. Transfer by way of sale of shares of a JV/WOS Save as otherwise provided in the Act or rules or regulations made or directions issued thereunder or with the permission of the Reserve Bank, no Indian Party shall transfer by way of sale to any person whether resident in India or outside India, any share or security held by him in a Joint Venture or Wholly Owned Subsidiary outside India. 1 Provided that a person resident in India, being an individual, holding qualification shares or rights shares in a company incorporated outside India acquired in terms of clauses (a) and (c) of Regulation 21 may sell such shares without prior approval. **************************** Note : 1. Has been inserted vide Notification No. 059/2002 dated 24/4/2002