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of <h1>SEBI Issues Guidelines for Partial Two-Way Fungibility of Indian Depository Receipts, Allowing 25% Conversion to Equity Shares.</h1> The Securities and Exchange Board of India (SEBI) issued guidelines for enabling partial two-way fungibility of Indian Depository Receipts (IDRs). This allows IDRs to be converted into underlying equity shares and vice versa, up to 25% of the IDRs originally issued. The guidelines specify that IDRs cannot be redeemed before one year from listing, and fungibility must be continuous. Issuers can provide conversion options, including selling shares in foreign markets. Costs must not exceed 5% of sale proceeds. Issuers must disclose significant transactions and headroom availability, and provide detailed procedures in line with SEBI and RBI norms.
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