Dear Experts

A private company has become a 'non small' company due to turnover more than 40 crore. It has few foreign nationals as shareholders. Therefore, as per law the shares of the private company must be dematerialised.

In order to demat the shares of the company, foreign shareholders must  have a demat account in India? For that they need to have PAN in India?

How are you all handling this ? May kindly advise.

Regards,