(2) Where the holder of a security is a nominee, neither he nor any person through whose agency the exercise of all. or any of the holder' s rights in respect of the security is controlled shall, except with the general or special permission of the Reserve Bank, do any act, whereby he recognises or gives effect to the substitution of another person as the person from whom he directly receives instructions, unless both the person previously instructing and the person substitued for that person were, immediately before the substitution, resident in India.