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of <h1>Companies Need SEBI Approval 90 Days Prior for Indian Depository Receipts; Fees and Appointments Required</h1> Issuing companies must obtain prior permission from SEBI to raise funds in India through Indian Depository Receipts (IDRs). Applications for permission must be submitted at least 90 days before the issue date, with a non-refundable fee of $10,000. Upon approval, an issue fee is required, determined by the issue value. Companies must appoint an overseas custodian bank, a domestic depository, and a merchant banker, and file a due diligence report. A prospectus must be filed with SEBI and the Registrar of Companies, and in-principle listing permission from stock exchanges is necessary. Underwriters registered with SEBI may be appointed.
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