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of <h1>SEBI Introduces New Framework for Two-Way Fungibility of IDRs, Allowing 25% Annual Redemption to Boost Market Participation.</h1> The Securities and Exchange Board of India (SEBI) issued a circular on August 28, 2012, regarding the redemption of Indian Depository Receipts (IDRs) into underlying equity shares. The circular outlines a framework for two-way fungibility of IDRs, allowing partial fungibility up to 25% of originally issued IDRs per financial year to enhance foreign participation in the Indian capital market. This decision follows the Finance Minister's proposal for two-way fungibility, aiming to increase the attractiveness and sustainability of IDRs. The circular will become effective upon the issuance of instructions modifying the legal framework, superseding the previous circular from June 3, 2011.
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