Depository receipt investment permits non-resident participation subject to eligible instruments, foreign-holding limits, pricing safeguards, and custodian conversion mechanisms.

Investment in depository receipts by persons resident outside India may occur through eligible securities or units issued or transferred to a foreign depository under the Depository Receipts Scheme, 2014. A domestic custodian may purchase eligible instruments for a non-resident and convert them into depository receipts. Aggregate instruments transferred to foreign depositories and held by non-residents must not exceed applicable foreign-holding limits. The transfer price cannot be below the corresponding domestic issue or transfer price. Depository receipts under the 1993 mechanism must comply with the 2014 Scheme and these requirements.

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