SEBI permission for IDR issues required before raising funds in India, with prescribed filings, approvals and compliance. Issuers of Indian Depository Receipts must obtain prior SEBI permission and pay prescribed filing and issue fees; SEBI may require additional information. Issuers must obtain home country approvals where required, appoint an overseas custodian, a domestic depository and a merchant banker, deliver underlying equity to the overseas custodian who authorises the domestic depository to issue IDRs, and file a due diligence report. A prospectus or letter of offer certified by two authorised signatories must be filed and a draft submitted to SEBI in advance; in principle listing permission from nationwide stock exchanges is required and SEBI registered underwriters may be appointed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
SEBI permission for IDR issues required before raising funds in India, with prescribed filings, approvals and compliance.
Issuers of Indian Depository Receipts must obtain prior SEBI permission and pay prescribed filing and issue fees; SEBI may require additional information. Issuers must obtain home country approvals where required, appoint an overseas custodian, a domestic depository and a merchant banker, deliver underlying equity to the overseas custodian who authorises the domestic depository to issue IDRs, and file a due diligence report. A prospectus or letter of offer certified by two authorised signatories must be filed and a draft submitted to SEBI in advance; in principle listing permission from nationwide stock exchanges is required and SEBI registered underwriters may be appointed.
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