FOREIGN EXCHANGE MANAGEMENT (TRANSFER OR ISSUE OF ANY FOREIGN SECURITY) (AMENDMENT) REGULATIONS, 2004 - Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004
FOREIGN EXCHANGE MANAGEMENT (TRANSFER OR ISSUE OF ANY FOREIGN SECURITY) (AMENDMENT) REGULATIONS, 2004 - Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004
Cross-border share swap rules: exchange of ADRs/GDRs for foreign company shares permitted subject to prescribed caps and valuation. Acquisition of foreign company shares by an Indian party through exchange of ADRs/GDRs was permitted under Regulation 8 subject to eligibility, sectoral ... Summary
Cross-border share swap rules: exchange of ADRs/GDRs for foreign company shares permitted subject to prescribed caps and valuation.
Acquisition of foreign company shares by an Indian party through exchange of ADRs/GDRs was permitted under Regulation 8 subject to eligibility, sectoral cap compliance, backing by fresh equity, prescribed valuation methods (investment banker recommendation for unlisted shares or three month average market capitalization plus any recommended premium for listed shares) and a reporting obligation to the Reserve Bank within thirty days of the ADR/GDR issue.
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