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of <h1>India Updates Rules for Global Depository Receipts, Introduces New Overseas Depository Definition under Companies Act 2013.</h1> The Government of India has amended the Companies (Issue of Global Depository Receipts) Rules, 2014, under the Companies Act, 2013. The amendments include replacing references to the 'Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993' with the 'Depository Receipts Scheme, 2014.' A new definition for 'overseas depository' is added. Depository receipts can now be issued through public offering, private placement, or other methods, and may be listed or traded in relevant jurisdictions. Proceeds from these issues can be remitted to an International Financial Services Centre Banking Unit, following Reserve Bank of India guidelines.
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