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of <h1>Issuers must meet Regulation 106B criteria for IDR rights issue; compliance with IDR Listing Agreement is essential.</h1> Regulation 106B of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, outlines the eligibility criteria for issuers intending to make a rights issue of Indian Depository Receipts (IDRs). An issuer cannot proceed with a rights issue if it is in breach of significant ongoing obligations under the IDR Listing Agreement or the deposit agreement from the initial IDR offering. Additionally, the issuer must apply for listing the new IDRs on all recognized Indian stock exchanges where its IDRs are already listed and designate one as the primary exchange.
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