FOREIGN EXCHANGE MANAGEMENT (TRANSFER OR ISSUE OF SECURITY BY A PERSON RESIDENT OUTSIDE INDIA) REGULATIONS, 2000 (From Regulation 1 to Regulation SCHEDULE 11)
Indian Depository Receipts: issuance by eligible foreign companies requires rupee denomination, immediate repatriation and constrained fungibility. Eligible foreign companies may issue Indian Depository Receipts through a Domestic Depository provided issuance complies with Companies Rules 2004 and SEBI ICDR Regulations 2009, financial/banking issuers with Indian presence obtain sectoral regulator approval, IDRs are denominated in rupees and proceeds are immediately repatriated. SEBI-registered FIIs/RFPIs and NRIs may purchase, hold or sell IDRs with NRIs using NRE/FCNR(B) funds; limited two way fungibility is subject to Reserve Bank terms; IDRs are not redeemable into underlying shares before one year and redemption/conversion must follow the prescribed sub regulation.
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.
Indian Depository Receipts: issuance by eligible foreign companies requires rupee denomination, immediate repatriation and constrained fungibility.
Eligible foreign companies may issue Indian Depository Receipts through a Domestic Depository provided issuance complies with Companies Rules 2004 and SEBI ICDR Regulations 2009, financial/banking issuers with Indian presence obtain sectoral regulator approval, IDRs are denominated in rupees and proceeds are immediately repatriated. SEBI-registered FIIs/RFPIs and NRIs may purchase, hold or sell IDRs with NRIs using NRE/FCNR(B) funds; limited two way fungibility is subject to Reserve Bank terms; IDRs are not redeemable into underlying shares before one year and redemption/conversion must follow the prescribed sub regulation.
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