Approval for depository receipts: approval for underlying securities applies; scheme-compliant issues require no government consent. Approval for issuance or transfer of depository receipts follows the approval required for the underlying permissible securities when transferred to a ... Summary
Approval for depository receipts: approval for underlying securities applies; scheme-compliant issues require no government consent.
Approval for issuance or transfer of depository receipts follows the approval required for the underlying permissible securities when transferred to a foreign depository; if issuance complies with the Scheme, no separate government agency approval is required, and where the underlying securities do not need foreign exchange approval, the depository receipts likewise require no approval.
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