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of <h1>SEBI Circular Mandates Monthly Reports on ADR/GDR Fungibility Under 1993 Scheme; Custodians to Ensure Compliance by Sectoral Caps.</h1> The circular issued by SEBI addresses the two-way fungibility of American Depository Receipts (ADRs) and Global Depository Receipts (GDRs) under the Foreign Currency Convertible Bonds and Ordinary Shares Scheme of 1993. It mandates custodians to submit a monthly certificate and report to the Reserve Bank of India (RBI) and SEBI, ensuring compliance with sectoral caps and other guidelines. These submissions, due by the 10th of each month, must include details such as the number of ADRs/GDRs issued, redeemed, reissued, and outstanding, along with any breaches of sectoral caps.
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