Foreign holding limits: depository receipts and direct holdings together cannot exceed the statutory FEMA cap; conversions subject to that limit.

The aggregate of securities issued or transferred to foreign depositories for depository receipts, together with securities held by non-residents, must not exceed the foreign holding limit under the Foreign Exchange Management Act; depository receipts and underlying permissible securities may be converted into one another only so long as the combined foreign holding remains within that statutory limit.

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