Can an NRI transfer shares purchased under PIS to others under private arrangement?

Can an NRI transfer shares purchased under PIS to others under private arrangement?

Shares purchased under Portfolio Investment Scheme (PIS) on stock exchange must be sold on stock exchange only. Such Shares cannot be transferred by way of sale under private arrangement or by way of gift (except by NRIs to their relatives as defined in Section 6 of Companies Act, 1956 or to a charitable trust duly registered under the laws in India) to a person resident in India or outside India without prior approval of the Reserve Bank.
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