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of <h1>RBI Halts OCB Participation in ADR/GDR Scheme Pending Review; Scheme Continues for Other Foreign Investors Under 1993 Guidelines.</h1> The circular addresses the participation of Overseas Corporate Bodies (OCBs) in the limited two-way fungibility of American Depository Receipts (ADRs) and Global Depository Receipts (GDRs). It refers to the guidelines under the Foreign Currency Convertible Bonds and Ordinary Shares Scheme 1993, issued by the Reserve Bank of India (RBI). The RBI has communicated that the participation of OCBs in this scheme is under review and has been temporarily put on hold. Until a full review is conducted, the scheme will only operate for foreign investors other than OCBs. The concerned parties are advised to inform their constituents accordingly.
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