Rule 9A - Swap of equity instruments and equity capital - Foreign Exchange Management (Non-debt Instruments) Rules, 2019

1 [ 9A. Swap of equity instruments and equity capital . The transfer of equity instruments of an Indian company between a person resident in India and a person resident outside India may be by way of (i) swap of equity instruments, in compliance with the rules prescribed by the Central Government and the regulations specified by the Reserve Bank from time to time; (ii) swap of equity capital of a foreign company in compliance with the rules prescribed by the Central Government including the Foreign Exchange Management, (Overseas Investment) Rules, 2022, and the regulations specified by the Reserve Bank from time to time: Provided that prior Government approval shall be obtained for transfer in all cases wherever Government approval is applicable. Explanation. For the purposes of this clause, the expression equity capital shall have the same meaning as assigned to it in the Foreign Exchange Management, (Overseas Investment) Rules, 2022, as amended from time to time. ] **************** NOTES:- 1. Inserted vide Notification No. S.O. 3492(E) dated 16-08-2024