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Home / RBI Compliance / FC-TRS Filing
Last updated: 2 October 2026
When shares of an Indian company move between a resident and a non-resident, the transfer must meet FEMA pricing rules and be reported in Form FC-TRS. Expertvuw’s team checks pricing, coordinates the valuation and files FC-TRS on RBI’s FIRMS portal within the deadline.
Form FC-TRS reports the transfer of equity instruments of an Indian company between a person resident in India and a person resident outside India — for example, an Indian founder selling shares to a foreign fund, or an NRI selling shares on a non-repatriation basis to a resident. It is filed through the Single Master Form on RBI’s FIRMS portal.
The resident party to the transfer is responsible for filing, within 60 days of the transfer or of receipt or remittance of funds, whichever is earlier. The AD bank verifies the form before it is accepted.
Pricing rules apply: when a resident sells to a non-resident, the price cannot be less than fair value; when a non-resident sells to a resident, the price cannot be more than fair value. FEMA also allows deferred consideration and escrow arrangements within limits.
Basis: FEMA, 1999; FEM (Non-debt Instruments) Rules, 2019 (pricing and transfer provisions); RBI Master Direction – Foreign Investment in India; FIRMS Single Master Form user manual. Last updated: 27 September 2026.
The resident party to the transfer files FC-TRS.
Within 60 days of transfer or receipt/remittance of funds, whichever is earlier.
Price must not be less than fair value.
Price must not be more than fair value.
Up to 25% of consideration may be deferred for up to 18 months, as permitted.
Delays can be regularised with a late submission fee within three years.
Most issues come from pricing or timing.
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FC-TRS connects with these services.
Entry route, caps and pricing for FDI.
Transfer documentation and stamp duty.
Valuation for share transfers.
Regularising past FEMA contraventions.
Check parties, instrument and approvals.
Coordinate valuation and confirm price limits.
Complete the transfer and payment.
Prepare FC-TRS with attachments.
File on FIRMS and follow up with the AD bank.
Update registers and MCA filings.
Keep records consistent across filings.
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The resident party to the transfer, whether buyer or seller.
Within 60 days of the transfer or of receipt/remittance of funds, whichever is earlier.
Generally no, unless the transfer is on a stock exchange or involves specific conditions. Transfers between two residents also do not need FC-TRS.
A resident selling to a non-resident cannot sell below fair value; a non-resident selling to a resident cannot sell above fair value.
It can be filed with a late submission fee within three years; after that, compounding is needed.
ACS – Director, Expertvuw Management Pvt Ltd
FEMA filings are prepared by Expertvuw’s team. Certificates required by the AD bank or RBI are issued by independent practising professionals, and representation before RBI or the Directorate of Enforcement is made by authorised professionals or advocates.