{"id":39528,"date":"2022-10-25T12:40:11","date_gmt":"2022-10-25T07:10:11","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=39528"},"modified":"2024-06-01T12:28:51","modified_gmt":"2024-06-01T06:58:51","slug":"transfer-shares-of-indian-company-from-resident-to-non-resident","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/transfer-shares-of-indian-company-from-resident-to-non-resident\/","title":{"rendered":"How to Transfer Equity Shares of an Indian Company from Resident to Non-Resident?"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-39531 size-full\" title=\"Transfer Shares of Indian Company from Resident to Non Resident\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/10\/How-to-Transfer-Equity-Shares-of-an-Indian-Company-from-Resident-to-Non-Resident.png\" alt=\"Transfer Shares of Indian Company from Resident to Non Resident\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/10\/How-to-Transfer-Equity-Shares-of-an-Indian-Company-from-Resident-to-Non-Resident.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/10\/How-to-Transfer-Equity-Shares-of-an-Indian-Company-from-Resident-to-Non-Resident-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/10\/How-to-Transfer-Equity-Shares-of-an-Indian-Company-from-Resident-to-Non-Resident-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/10\/How-to-Transfer-Equity-Shares-of-an-Indian-Company-from-Resident-to-Non-Resident-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/10\/How-to-Transfer-Equity-Shares-of-an-Indian-Company-from-Resident-to-Non-Resident-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/10\/How-to-Transfer-Equity-Shares-of-an-Indian-Company-from-Resident-to-Non-Resident-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>Transfer of shares between two residents (of India) involves payment of consideration and execution of share transfer deed. Share transfer deed to be duly stamped @ 0.25% of the consideration amount. When the transaction is between a resident and a non-resident, there are many regulations. That is concerning inward and outward remittance of funds, valuation of shares, and submission of form FC-TRS on the e-biz portal. The <\/span><span style=\"font-weight: 400;\">Reserve Bank of India (RBI)<\/span><span style=\"font-weight: 400;\"> through Notification No. FEMA 20(R)\/ 2017-RB dated November 07, 2017, made Foreign Exchange Management (Transfer Shares of Indian Company from Resident to Non Resident) Regulations, 2017 to regulate investment in India by a Person Resident outside India.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<p style=\"text-align: justify;\"><b>Table of Contents<\/b><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Introduction\"><span style=\"font-weight: 400;\">Introduction<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#the\"><span style=\"font-weight: 400;\">Provisions Under the Companies Act, 2013<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#of\"><span style=\"font-weight: 400;\">Form Foreign Currency-Transfer of Shares (FC-TRS):<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#on\"><span style=\"font-weight: 400;\">Registration on RBI-FIRMS Portal<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#to\"><span style=\"font-weight: 400;\">Who is to file form FC-TRS?<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#is\"><span style=\"font-weight: 400;\">What is the Procedure for filing FC-TRS?<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#for\"><span style=\"font-weight: 400;\">What is the Time Limit for filing FC-TRS?<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#are\"><span style=\"font-weight: 400;\">Steps that are to be followed for successful registration of transfer of securities from Resident to Non-Resident<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#be\"><span style=\"font-weight: 400;\">What are the Attachments to be filed with form FC-TRS on the E-biz portal?<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#under\"><span style=\"font-weight: 400;\">Valuation Aspects under Transfer of Securities<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Conclusion\"><span style=\"font-weight: 400;\">Conclusion<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Introduction\"><b>Introduction<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Shares, as defined under the <\/span><span style=\"font-weight: 400;\">Companies Act, 2013<\/span><span style=\"font-weight: 400;\"> mean a share in the share capital and includes <\/span><span style=\"font-weight: 400;\">stock<\/span><span style=\"font-weight: 400;\">. As per the Companies Act, shares of a member of a <\/span><span style=\"font-weight: 400;\">company<\/span><span style=\"font-weight: 400;\"> shall be movable property. Moreover, the article of association provides the manner for the transfer of shares. However, shares of a company are freely transferable. Transfer of shares between two residents (of India) involves payment of consideration and execution of share transfer deed. Share transfer deed to be duly stamped @ 0.25% of the consideration amount.<\/span><\/p>\n<h2 id=\"the\"><b>Provisions under the Companies Act, 2013<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The legal provisions related to the transfer of shares are:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Section 56 of Companies Act, 2013.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rule 11 of Companies (Share Capital &amp; Debentures) Rules 2014.<\/span><\/li>\n<\/ul>\n<h2 id=\"of\"><b>Form Foreign Currency-Transfer of Shares (FC-TRS)<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Form FC-TRS is required to be filed for the transfer of capital instruments (Equity Shares, Fully and Compulsory Convertible Securities) of an Indian Company in the following cases:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">When the transfer is made between a person resident outside India (repatriable basis) and a person resident outside India (non-repatriable basis)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">When the transfer is made between a person resident outside India (repatriable basis) and a person resident in India.<\/span><\/li>\n<\/ul>\n<h2 id=\"on\"><b>Registration on RBI-FIRMS Portal<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The applicant reporting the transaction should get Entity user registration by visiting <\/span><span style=\"font-weight: 400;\">https:\/\/firms.rbi.org.in<\/span><span style=\"font-weight: 400;\">. \u00a0After getting the Entity user registration, the entity is required to get the business user registration as well.<\/span><\/p>\n<h2 id=\"to\"><b>Who is to file form FC-TRS?<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Transfer of capital instruments prescribed above shall be reported on receipt of every tranche of payment. The most common question is between the public at large has to file this form with an Authorised Dealer Bank.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The onus of reporting FC-TRS shall be on the resident transferor\/ transferee or the person resident outside India holding capital instruments on a non-repatriable basis, as the case may be.<\/span><\/p>\n<h2 id=\"is\"><b>What is the Procedure for filing FC-TRS?<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The following steps are included in the filing of the FC-TRS form:<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Execution of Share Transfer Deed and Payment of Stamp Duty:\u00a0The parties should execute the following documents for transferring their shares:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Share Transfer Deed as per SH-4<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Duly signed Consent letters from the buyers and seller.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Transfer of Funds:<\/b><span style=\"font-weight: 400;\"> The funds should be transferred through proper Banking channels. A copy of FIRC and copy of KYC of a person resident outside India should be obtained from Authorised Dealer Bank.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Registration on E-Biz Portal:<\/b><span style=\"font-weight: 400;\"> it is mandatory to register the details of the person filing the form along with his\/her digital signatures (DSC) on the e-biz portal.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Filing of form on E-Biz portal with the required Attachments<\/b><span style=\"font-weight: 400;\">: The form is filled online on the E-biz portal along with the name of attachments given below. The DSC of the concerned person is affixed while submitting the form.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Scrutiny from AD Bank:<\/b><span style=\"font-weight: 400;\"> Post submitting a form on the E-Biz portal, AD bank scrutinizes each and every application and it may send the form for re-submission if any documents\/information is incorrect or missing.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Sanction letter\/ Certificate issued by AD Bank:<\/b><span style=\"font-weight: 400;\"> AD Bank provides you with a sanction letter or certificate if all the documents and information are satisfactory to them. This is documentary evidence stating that FDI compliances are duly taken care of by the applicant.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Take on record by the Indian Company:<\/b><span style=\"font-weight: 400;\">\u00a0The sanction letter\/certificate issued by AD bank is attached with the share transfer form and share certificate and submitted to the Company so that company may take the transfer on its record.<\/span><\/li>\n<\/ul>\n<h2 id=\"for\"><b>What is the Time Limit for filing FC-TRS?<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The form FCTRS shall be filed with the Authorised Dealer bank within sixty days of the transfer of capital instruments or receipt\/ remittance of funds whichever is earlier.<\/span><\/p>\n<h2 id=\"are\"><b>Steps that are to be followed for successful registration of transfer of securities from Resident to Non-Resident<\/b><\/h2>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">On receipt of consideration from a non-resident, obtain FIRC (Foreign Inward Remittance certificate) and KYC (Know your customer) of a person residing outside India from AD Category-I bank.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Submit Security transfer deed\/SH-4 and other documents required with the company.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The company shall register the transfer in accordance with the Companies Act, 2013.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">File FC-TRS along with the attachments on the FIRMS RBI Portal by logging in with the Id password created for Business User Registration.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">RBI shall approve FC-TRS if it is filed without any discrepancies.<\/span><\/li>\n<\/ul>\n<h2 id=\"be\"><b>What are the Attachments to be filed with form FC-TRS on E-Biz Portal?<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Form FC-TRS is an online form that is to be filled and filed through the E-biz portal along with the following important documents:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consent Letter from Buyer and Seller.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Copy of FIRC in cases of foreign remittance is received by resident Indians.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Copy of KYC of the buyer (NRI) on the letterhead of the <\/span><span style=\"font-weight: 400;\">Bank<\/span><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Valuation Report from the Certified Valuer certifying the value of shares.<\/span><\/li>\n<\/ul>\n<h2 id=\"under\"><b>Valuation Aspects under Transfer of Securities<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Various Aspects under Transfer of Securities:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The transfer shall be made at or above fair value determined on an arm\u2019s length basis.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The minimum price shall be the fair value as determined by the Chartered Accountant.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If the fair value, so determined, is lower than the face value of the securities of the Investee Company, then in that case the transfer shall be done at or above the face value per security.<\/span><\/li>\n<\/ul>\n<h2 id=\"Conclusion\"><b>Conclusion<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The <a href=\"https:\/\/www.rbi.org.in\/\" target=\"_blank\" rel=\"noopener\">Reserve Bank of India (RBI)<\/a> through Notification No. <a href=\"https:\/\/www.cagmc.com\/share-allotment-to-foreigners-under-fema-companies-act\/\" target=\"_blank\" rel=\"noopener\">FEMA<\/a> 20(R)\/ 2017-RB dated November 07, 2017, made Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017 to regulate investment in India by a Person Resident outside India.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Transfer of shares between two residents (of India) involves payment of consideration and execution of share transfer deed. 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