Can a resident individual acquire/sell foreign securities without prior approval of Reserve Bank of India? Comment.

A Resident individuals can acquire/sell foreign securities without prior approval of Reserve Bank of India in the following cases: As a gift from a person resident outside India; By way of ESOPs issued by a company incorporated outside India under Cashless Employees Stock Option Scheme which does not involve any remittance from India; By way of ESOPs issued to an employee or a director of Indian office or branch of a foreign company or of a subsidiary in India of a foreign company or of an Indian company irrespective of the percentage of the direct or indirect equity stake in the Indian company; As inheritance from a person whether resident in or outside India; By purchase of foreign securities out of funds held in the Resident Foreign Currency Account; and By way of bonus/rights shares on the foreign securities already held by them. Resident individuals are permitted to remit funds under general permission for acquiring qualification shares for holding the post of a Director in the overseas company to the extent prescribed as per the law of the host country where the company is located and the limit of remittance for acquiring such qualification shares shall be within the overall ceiling prescribed for the resident individuals under the Liberalized Remittance Scheme (LRS) in force at the time of acquisition.