As per SEBI Regulations, 2015, transferee as well as transferor shall
furnish a copy of their PAN card to the listed entity for registration of transfer of securities. In order to address the difficulties faced by non-resident investors who donot have PAN, SEBI vide Circular No. SEBI / HO / MIRSD / DOS3 / CIR / P / 2019 / 30 dated 11th February 2019 has decided to grant relaxation to non-residents from the requirement to furnish PAN and permit them to transfer equity shares held by them in listed entities to their
immediate relatives subject to the following conditions:
a) The relaxation shall only be available for transfers executed after January 01, 2016.
b) The relaxation shall only be available to non - commercial transactions, i.e. transfer by way of gift among immediate relatives.
c) The non-resident shall provide copy of an alternate valid document to
ascertain identity as well as the nonresident status.
https://www.sebi.gov.in/legal/circulars/feb-2019/relaxation-from-requirement-tofurnish-a-copy-of-pan-for-transfer-ofequity-shares-of-listed-entities-executedby-non-residents_42043.html
