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Mumbai: The Reserve Bank of India has revised norms for equity share sales by non-resident investors in unlisted domestic companies, mandating that such transactions must be priced under “internationally accepted pricing methodology.”
Under the new rules, any transaction would need to be aligned with international prices for other similar deals on an “arm’s length” basis, providing a pricing methodology that the RBI believes will yield a more appropriate market value.
The deals would need to be certified by a chartered accountant or an investment bank recognised by capital markets regulator Securities and Exchange Board of India (SEBI).
Earlier rules stated that share sales by non-resident investors in unlisted companies had to be at a price not exceeding the return on equity as per their latest audited balance sheet.
Reuters
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