Explain the Pricing norms for issue or transfer of shares to a person resident outside India under the Consolidated Foreign Direct Investment Policy, 2017.

Price of shares issued to persons resident outside India under the Foreign Direct Investment Policy, shall not be less than – Listed Shares: The price worked out in accordance with the SEBI guidelines, as applicable, where the shares of the company are listed on any recognised stock exchange in India; Unlisted Shares: The fair valuation of shares done by a SEBI registered Merchant Banker or a Chartered Accountant as per any internationally accepted pricing methodology on arm's length basis, where the shares of the company are not listed on any recognised stock exchange in India; and Preferential Allotment: The price as applicable to transfer of shares from resident to non-resident as per the pricing guidelines laid down by the Reserve Bank from time to time, where the issue of shares is on preferential allotment. Subscription to MOA: However, where non-residents (including NRIs) are making investments in an Indian company in compliance with the provisions of the Companies Act, as applicable, by way of subscription to its Memorandum of Association, such investments may be made at face value subject to their eligibility to invest under the FDI scheme.