Indian Depository Receipts permit eligible non-resident investors to trade, subject to remittance, fungibility, and delayed redemption conditions.

Indian Depository Receipts may be issued by companies incorporated outside India through a Domestic Depository, subject to foreign-company registration and capital-issue disclosure requirements. IDRs must be denominated in Indian rupees and their issue proceeds immediately repatriated outside India. Foreign Portfolio Investors, Non-Resident Indians and Overseas Citizens of India may purchase, hold and sell IDRs, subject to payment, remittance and limited two-way fungibility conditions. Redemption into underlying equity shares is barred for one year and must comply with the foreign-security transfer or issue framework.

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