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Presently, a No Objection Certificate (NOC) is required from the respective financial sector regulator/ regulators of the investee company (if it is in the financial services sector) as well as transferor and transferee entities at the time of transfer of shares from Residents to Non-Residents. The NOC is to be filed along with Form FC-TRS with the bank.
This circular has done away with the requirement of obtaining NOC. As a result, no NOC needs to be filed along with Form FC-TRS. However, any ‘fit and proper/due diligence’ requirement as regards the non-resident investor as stipulated by the respective financial sector regulator will have to be complied with.
