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of <h1>Procedures for Transferring, Redeeming Indian Depository Receipts Under Rule 10 Explained; Compliance with FEMA, SEBI Act Required</h1> Rule 10 of the Companies (Issue of Indian Depository Receipts) Rules, 2004 outlines the procedures for transferring and redeeming Indian Depository Receipts (IDRs). Holders can transfer IDRs, request redemption through a domestic depository, or seek reissuance by converting underlying equity shares, in compliance with relevant laws like the Foreign Exchange Management Act and the Securities and Exchange Board of India Act. For redemption, the domestic depository must coordinate with the overseas custodian bank to release equity shares for sale or transfer to an Indian resident. Holders may also nominate a beneficiary for their IDRs in case of death.
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