Allotment of shares to nonresident

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Naredla.Susmitha

Naredla.Susmitha (Querist)
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27 December 2013 can any one give what is procedure to be followed to allot shares to non resident?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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29 December 2013 1. Well Companies Act compliance shall remain same as in case of resident.

2. However FEMA compliances are to be done.

- you need to submit intimation to RBI when you receive funds for share application from the applicant.

- subsequently, at the time of allotment, you need file FCGPR with RBI.