Form FC-TRS: transfer of shares between a resident and a non-resident

When it is filed

For a transfer of equity instruments by way of sale between a person resident in India and a person resident outside India, in either direction.

Time limit

Within 60 days of the transfer of the shares or the receipt or remittance of the money, whichever is earlier.

Who files

The party resident in India, on the RBI's FIRMS portal. Its bank (the AD bank) reviews the report.

Price

The FEMA pricing rules apply. A resident selling to a non-resident cannot sell below fair value, and a non-resident selling to a resident cannot sell above it. A valuation certificate supports the price.

Documents usually attached

• The share purchase agreement or other transfer document
• The valuation certificate
• Declarations by the transferor and the transferee
• The bank's foreign inward remittance certificate or remittance proof, and its KYC report

The Companies Act side

The transfer itself is recorded by the company in its register of members. A company covered by rule 9B transfers only shares in demat form, so physical shares are dematerialised first. See demat shares for private companies and share transfer.

Filed late

The report can still be filed with a late submission fee, which depends on the amount and the period of delay.

General information on the law as on 07 November 2026, not advice on any particular matter. Check the current MCA form and instruction kit before filing.