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        FEMA

        SCHEDULE 10 - Issue of Indian Depository Receipts (IDRs) [See Regulation 5(10)]

        Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2017

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        Indian Depository Receipts issuance rules: rupee denomination, immediate repatriation, regulator approval and restricted fungibility for investors. Schedule 10 permits non Indian companies to issue Indian Depository Receipts (IDRs) through a Domestic Depository subject to company and securities law compliance, sectoral regulator approval where applicable, rupee denomination, and immediate repatriation of proceeds. FPIs, NRIs and OCIs may transact in IDRs with NRIs/OCIs using designated external accounts; limited two way fungibility is allowed under Reserve Bank terms. IDRs cannot be redeemed into underlying equity before one year and any redemption or conversion must comply with foreign exchange transfer or issue regulations.
                        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 rules: rupee denomination, immediate repatriation, regulator approval and restricted fungibility for investors.

                              Schedule 10 permits non Indian companies to issue Indian Depository Receipts (IDRs) through a Domestic Depository subject to company and securities law compliance, sectoral regulator approval where applicable, rupee denomination, and immediate repatriation of proceeds. FPIs, NRIs and OCIs may transact in IDRs with NRIs/OCIs using designated external accounts; limited two way fungibility is allowed under Reserve Bank terms. IDRs cannot be redeemed into underlying equity before one year and any redemption or conversion must comply with foreign exchange transfer or issue regulations.


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