Fungibility of Indian Depository Receipts now permitted, subject to the manner specified by SEBI and Reserve Bank. Indian Depository Receipts shall be fungible into the underlying equity shares of the issuing company in the manner specified by the Board and the Reserve Bank of India; the amendment replaced a prior prohibition on automatic fungibility, allowing conversion subject to regulator-determined procedures.
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Provisions expressly mentioned in the judgment/order text.
Fungibility of Indian Depository Receipts now permitted, subject to the manner specified by SEBI and Reserve Bank.
Indian Depository Receipts shall be fungible into the underlying equity shares of the issuing company in the manner specified by the Board and the Reserve Bank of India; the amendment replaced a prior prohibition on automatic fungibility, allowing conversion subject to regulator-determined procedures.
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