HEY FRIENDS,IT IS GIVEN THAT TRANSFER IS ALLOWED ON GROUNDS ALREADY PERMISSIBLE UNDER CHARTERED REGULATIONS ACT,1988.UNDER THAT ACT IT IS GIVEN THAT TRANSFER IS ALLOWED ON MUTUAL CONSENT OF PRINCIPAL.https://www.icai.org/resource_file/7697announ1209b.pdf.HERE IS THE OFFICIAL LINK.PLS REFER TO PAGE NO. 66.
PLS RECTIFY IF ANY MISUNDERSTANDINGS.