Two-way fungibility of depository receipts permits conversion between Indian shares and ADRs/GDRs under FEMA-enabled guidelines. Two-way fungibility of ADRs/GDRs is authorised under the foreign exchange framework, permitting conversion between Indian equity and depository receipts subject to the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993 and related Central Government guidelines; RBI issued operative guidelines implementing a limited two-way fungibility mechanism and confirmed the notifications provide the statutory basis, directing authorised dealers to inform constituents and relying on powers under the Foreign Exchange Management Act.
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.
Two-way fungibility of depository receipts permits conversion between Indian shares and ADRs/GDRs under FEMA-enabled guidelines.
Two-way fungibility of ADRs/GDRs is authorised under the foreign exchange framework, permitting conversion between Indian equity and depository receipts subject to the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993 and related Central Government guidelines; RBI issued operative guidelines implementing a limited two-way fungibility mechanism and confirmed the notifications provide the statutory basis, directing authorised dealers to inform constituents and relying on powers under the Foreign Exchange Management Act.
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