allotment of shares to NRI

Well I guess following will help, also find attached FEMA guidelines on the same,

 A two-stage reporting procedure has to be done

On receipt of money for investment:
- Within 30 days of receipt of money from the investor, the Indian company will report to the Regional Office of RBI under whose jurisdiction its Registered Office is located, a report containing details such as:
- Name and address of the investors
- Date of receipt of funds and their rupee equivalent
- Name and address of the authorised dealer through whom the funds have been received, and
- Details of the Government approval, if any;

 on issue of shares to foreign investor:

Within 30 days from the date of issue of shares, a report in Form FC-GPR together with the following documents should be filed with the Regional Office of RBI:
Certificate from the Company Secretary of the company accepting investment from persons resident outside India certifying that
- All the requirements of the Companies Act, 1956 have been complied with;
- Terms and conditions of the Government approval, if any, have been complied with;
- The company is eligible to issue shares under these Regulations; and
- The company has all original certificates issued by authorised dealers in India evidencing receipt of amount of consideration;

 Certificate from Statutory Auditors or Chartered Accountant indicating the manner of arriving at the price of the shares issued to the persons resident outside India.

Regards

Jaideep Pandya