Indian Depository Receipts eligibility rules restrict foreign issuers and impose detailed procedural, disclosure and compliance requirements for issuance. Foreign companies must file prescribed registration forms, maintain and file Indian operations financial statements in accordance with Schedule III, annexing related party, repatriation and fund transfer statements, have accounts audited by an Indian Chartered Accountant, and comply with certification and translation authentication requirements. Issuance of Indian Depository Receipts requires SEBI approval, merchant banker due diligence, appointment of an overseas custodian, a domestic depository and merchant banker, delivery of underlying shares to the custodian, in principle listing permission, extensive prospectus disclosures and ongoing SEBI and FEMA compliance.