Depository receipts conversion: eligible securities may be transferred to foreign depositories subject to foreign holding limits and price parity.

Permits issue or transfer of securities and units that non-residents may hold to a foreign depository for issuance of depository receipts under the Depository Receipts Scheme; domestic custodians may acquire such instruments for conversion on behalf of non-residents. Aggregate issuances and holdings with non-residents must not exceed foreign holding limits under applicable law, and transfers for depository receipt issuance must not be priced below the corresponding mode available to domestic investors. Depository receipts issued under the earlier convertible bond mechanism are deemed issued under the current scheme and must comply with this Schedule.

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