<h1>Government to Revamp 1993 Scheme: Broader Scope for Depository Receipts, Excludes Convertible Bonds, Awaits Tax Amendments.</h1> The government has accepted a committee's report recommending updates to the 1993 Foreign Currency Convertible Bonds and Ordinary Shares Scheme. Initially designed when India's markets were less developed, the scheme restricted depository receipts (DRs) to equity shares for raising fresh capital. Given the evolved financial landscape, the committee proposed allowing DRs against any securities, for both listed and unlisted issuers, and for both new and existing shares. The report suggests DRs with voting rights count as public shareholding. The government plans to implement the new scheme after necessary tax amendments, excluding Foreign Currency Convertible Bonds from its scope.