take or send any security to any place outside India;
transfer any security, or create or transfer any interest in a security, to or in favour of a person resident outside India;
issue, whether in India or elsewhere, any security which is registered or to be registered in India, to a person resident outside India;
acquire, hold or dispose of any foreign security.
(2)
Where the holder of a security is a nominee, neither he nor any person through whose agency the exercise of all or any of the holder's rights in respect of the security is controlled shall, except with the general or special permission of the Reserve Bank, do any act, whereby he recognises or gives effect to the substitution of another person as the person from whom he directly receives instructions, unless both the person previously instructing and the person substituted for that person were, immediately before the substitution, resident in India.
(3)
The Reserve Bank may, for the purpose of securing that the provisions of this section are not evaded, require that the person transferring any security and the person to whom such security is transferred shall subscribe to a declaration that the transferee is not resident outside India.
(4)
Notwithstanding anything contained in any other law, no person shall, except with the permission of the Reserve Bank,-
(5)
[ Notwithstanding anything contained in any other law, no transfer of any share, bond or debenture of a company registered in India made by a person resident outside India or by a national of a foreign State to another person resident in India shall be valid unless such transfer is confirmed by the Reserve Bank on an application made to it in this behalf by the transferor or the transferee. [Substituted by Act 29 of 1993, Section 8, for sub-Sections (5) and (6) (w.e.f. 8.1.1993). ]
(6)
If the Reserve Bank is of opinion that it is necessary or expedient in the public interest so to do, it may, by general or special permission, exempt any transfer referred to in sub-section (5) or any class of such transfers from the operation of the provisions of that sub-section, subject to such conditions, if any, as may be specified in such permission.]
(7)
For the purposes of this section,-