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of <h1>SEBI Halts Overseas Corporate Bodies' Participation in ADRs/GDRs Scheme Pending Government Review, Continues for Other Foreign Investors.</h1> The Securities and Exchange Board of India (SEBI) issued a circular regarding the participation of Overseas Corporate Bodies (OCBs) in the limited two-way fungibility of American Depository Receipts (ADRs) and Global Depository Receipts (GDRs). The Reserve Bank of India (RBI) clarified that the participation of OCBs in this scheme is currently on hold pending a government review. The scheme will continue to operate for foreign investors other than OCBs. Stock exchanges are advised to inform their members about the RBI's decision communicated on August 26, 2002.
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