MUMBAI: Markets regulator Securities and Exchange Board of India (Sebi) has granted relaxation to non-residents Indians (NRIs), Person of Indian Origins (PIOs) and Overseas Citizens of India (OCI) to transfer equity shares held by them to their immediate relatives without Permanent Account Number (PAN) card.
Immediate relative means a spouse of a person, and includes parent, brother, sister or child of such person.
Many of the non-residents like OCIs, NRIs and PIOs were facing difficulties in transferring the shares, as many of them do not possess the required PAN card.
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“To address such difficulties, it has been decided to grant relaxation to the non-residents from furnishing PAN card details and allowing them to transfer equity shares held by them in the listed entities to their immediate relatives,” Sebi said.
However, the relaxation will only be available for transfers executed after January 1st, 2016 and, only for non-commercial transactions i.e transfer by way of gift among immediate relatives.
Besides, the non-resident will be required to provide copy of an alternate valid document to ascertain identity as well as the non-resident status, the circular said.
