Indian Depository Receipts listing rules require in principle approval, immediate board disclosures and comprehensive corporate governance reporting. Model Listing Agreement for IDRs requires issuers to obtain in-principle listing permission, submit SEBI observation letters, merchant banker and depository due diligence reports, deposit prescribed security and pay listing fees. Issuers must make rapid disclosures (within 15 minutes of board closure) of dividends, buybacks and corporate actions, file quarterly and annual audited financials (under Indian GAAP, IFRS or US GAAP as chosen), consolidated statements, shareholding patterns, EDIFAR filings and immediate public disclosure of material events to prevent false markets.
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Provisions expressly mentioned in the judgment/order text.
Indian Depository Receipts listing rules require in principle approval, immediate board disclosures and comprehensive corporate governance reporting.
Model Listing Agreement for IDRs requires issuers to obtain in-principle listing permission, submit SEBI observation letters, merchant banker and depository due diligence reports, deposit prescribed security and pay listing fees. Issuers must make rapid disclosures (within 15 minutes of board closure) of dividends, buybacks and corporate actions, file quarterly and annual audited financials (under Indian GAAP, IFRS or US GAAP as chosen), consolidated statements, shareholding patterns, EDIFAR filings and immediate public disclosure of material events to prevent false markets.
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