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of <h1>New Circular on Indian Depository Receipts: Compliance with Companies Rules 2004 & SEBI Guidelines for Foreign Companies.</h1> The circular addresses the issuance of Indian Depository Receipts (IDRs) by eligible foreign companies through a Domestic Depository in India. It outlines compliance requirements with the Companies (Issue of Depository Receipts) Rules, 2004, and SEBI guidelines. The circular specifies that IDRs can be purchased, held, and transferred by residents in India, Foreign Institutional Investors (FIIs), and Non-Resident Indians (NRIs), subject to relevant regulations. IDRs are non-fungible and redeemable after one year. Upon redemption, Indian holders must comply with specific foreign exchange regulations. Proceeds from IDR issuance must be repatriated outside India, and IDRs are denominated in Indian Rupees.
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