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of <h1>Indian companies can no longer acquire foreign shares through ADR/GDR swaps under Regulation 8 since 2007</h1> Regulation 8 of FEMA's Foreign Exchange Management regulations, which previously permitted Indian companies to acquire foreign company shares through ADR/GDR swaps, has been omitted since 2007. The original provision allowed Indian parties to exchange their ADRs/GDRs for foreign company shares, subject to conditions including export earnings limits, fresh equity backing, sectoral caps compliance, proper valuation methods, and mandatory reporting requirements to the Reserve Bank within thirty days of the transaction.
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