In terms of Section 19(1)(a) of FERA 1973, export of any security (which includes shares, bonds, debentures, etc.) to any place outside India requires permission of Reserve Bank.

NOTES:
A. Unit Trust of India has been granted general permission by Reserve Bank to export certificates covering units purchased by non-resident investors from out of foreign exchange remittances to India or from their non-resident accounts in India.

B. At the time of granting permission for purchase/issue of shares/bonds/debentures by/to non-residents, permission for export of the share/bond/debenture certificates is generally granted by Reserve Bank. Permission for export of shares/securities will, therefore, be required to be obtained only in cases where such a permission has not been given.