Depository receipts issuance framework establishes eligibility, jurisdictional and compliance requirements for issuing and listing DRs on specified international exchanges. The circular establishes a framework for issuance of Depository Receipts by listed Indian companies, prescribing eligibility restrictions for issuers and transferring holders, limiting issuance to dematerialized equity or debt that rank pari passu, requiring aggregate foreign holdings (including DRs) to remain within FEMA and SEBI limits while maintaining minimum public shareholding, and confining issuance and listing to notified permissible jurisdictions and specified international exchanges that meet high listing standards.
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Provisions expressly mentioned in the judgment/order text.
Depository receipts issuance framework establishes eligibility, jurisdictional and compliance requirements for issuing and listing DRs on specified international exchanges.
The circular establishes a framework for issuance of Depository Receipts by listed Indian companies, prescribing eligibility restrictions for issuers and transferring holders, limiting issuance to dematerialized equity or debt that rank pari passu, requiring aggregate foreign holdings (including DRs) to remain within FEMA and SEBI limits while maintaining minimum public shareholding, and confining issuance and listing to notified permissible jurisdictions and specified international exchanges that meet high listing standards.
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