Can anyone help me to know if RBI approval in form TS 1 is required to buyback shares from Non-resident shareholder or filing of FC TRS would suffice?
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Fema
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If a company makes offer for buy back of its securities, permission from RBI will be required, if company intends to buy back shares from a non- resident.
Application should be made to RBI giving all details, including details of valuation of shares. Remittances can be made only after receiving permisson from RBI
FEMA Regulations do not provide for prior approval of RBI for buy back of shares from non-residents. You have to file FC-TRS with your banker who will report the transaction to RBI. After that you can advise revised shareholding pattern to RBI for information.
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