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Do NRIs need approvals from RBI for selling securities acquired through IPOs/Private Placement?

April 26, 2017acquired approvals IPO NRIs placement private rbi securities Selling

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Do NRIs need approvals from RBI for selling securities acquired through IPOs/Private Placement?

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No. NRIs can sell such shares/debentures on the Exchange without any approval. However, while seeking the credit of sale proceeds to NRE/NRO account, the bank should be provided with the details regarding date of allotment and cost of acquisition to calculate the taxes, if any.