Is it possible for an Indian company to give shares to an NRI as consideration for their investment, instead of paying them cash? If so, are there any specific guidelines for NRIs accepting shares as consideration?

Yes, Indian companies can issue shares to NRIs as consideration for investment. NRIs can accept shares as consideration, but they need to comply with the Foreign Exchange Management Act (FEMA) regulations for investment by NRIs and also adhere to the Securities and Exchange Board of India (SEBI) guidelines for share issuance and trading.