In case of FDI in the financial sector and where there is transfer of shares from residents to non-residents and the investee company is in the financial sector, hitherto, a no objection was required to be obtained from the sectoral regulator. Now the RBI has clarified vide its circular dated 11/11/2013 as per link below that the NOC is not any more required to be attached to the documents to be submitted in this connection ie. along with the form FC-TRS to the authorised banks. However “fit and proper criteria needs to be followed and due diligence requirement to be carried out in respect of the non resident investor as may be specified by the financial sector regulator.
Copy of the RBI circular can be found in this link