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of <h1>New Framework for Indian Companies Issuing Depository Receipts: Comply with SEBI Rules, Eligibility Criteria, and Foreign Holding Limits.</h1> The circular outlines the framework for issuing Depository Receipts (DRs) by companies incorporated and listed in India. It mandates compliance with SEBI regulations and other relevant laws. Eligibility criteria include adherence to SEBI's listing obligations, non-debarment from capital markets, and absence of wilful defaulters or fugitive economic offenders among promoters or directors. DRs can only be issued in specified jurisdictions and listed on approved international exchanges. The circular specifies obligations for listed companies, including maintaining compliance with foreign holding limits and ensuring proper agreements with depositories. It also details the roles of Indian Depositories, Foreign Depositories, and Domestic Custodians in monitoring and reporting DR transactions.
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