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Form FC-TRS

FCTRS stands for Foreign Currency Transfer of Shares. RBI has specified Form FCTRS for making reporting of Transfer of Capital Instruments between a person resident in india and a person resident outside India.

Whenever there is a transfer of capital instruments between a resident india and a non resident, then the Company needs to make the reporting of the same in Form FCTRS.

Form FCTRS is required to be filed for reporting of Transfer of shares between a resident and a Non-Resident Person.

Whenever there is a transfer of shares between the following then that needs to be reported in Form FCTRS. The FIRMS e-reporting system at the moment allows the reporting of the following transactions:

  • Reporting of FDI to companies
  • Reporting of FDI to LLP
  • Transfer of share / capital to companies / LPL between residents and non-residents
  • Issue or transition of convertible notes.

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Documents:

Buyer & Seller Consent Letter: we required a Consent letter for receipt/ transfer of consideration duly signed by the buyer & seller.

  • Shareholding Pattern: shareholding pattern of investee company before & after the acquisition of securities by a person resident outside India.
  • Needed the Transfer agreement: Relevant extracts of the transfer agreement along with the consent letter between buyer and seller. For sale/ purchase on a stock exchange, the contract note may be attached, at “Valuation certificate/ Transfer agreement”
  • Transfer agreement/ Valuation certificate: valuation certificate as per FEMA 20 (R) to be attached at “Transfer agreement/ Valuation certificate”.
  • Declaration from Buyer of Securities: Declaration from the buyer to the effect that he is eligible to acquire shares/compulsorily and mandatorily convertible preference shares/debentures under FDI policy.
  • Declaration by the Non-resident: required the declaration from the non-resident transferee as per the format provided by the RBI in their SMF- user manual.
  • Required company Board Resolution: Needed the Board Resolution of Investee Company to approve & ack the securities transfer.
  • Needed Transfer Deed: we required (form SH 4) Securities Transfer Deed.
  • Outward Remittance copy/FIRC:  Outward remittance certificate FIRC & KYC to be attached at the specified attachment.


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