Issue of Indian Depository Receipts: conditions, approvals and listing requirements govern foreign issuers raising funds in India. Rules prescribe a framework for issuance of Indian Depository Receipts (IDRs) by foreign companies, requiring SEBI permission, appointment of a domestic depository, overseas custodian and merchant banker, delivery of underlying equity to the overseas custodian, filing of draft and final prospectus through a merchant banker with specified certifications, and in principle listing approval from nationwide stock exchanges. The prospectus must include detailed disclosures as per the Schedule, and post issue obligations cover denomination in Indian Rupees, issuance limits, lock in before redemption into underlying shares, continuous disclosure of utilization of funds and quarterly audited financial results.
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Issue of Indian Depository Receipts: conditions, approvals and listing requirements govern foreign issuers raising funds in India.
Rules prescribe a framework for issuance of Indian Depository Receipts (IDRs) by foreign companies, requiring SEBI permission, appointment of a domestic depository, overseas custodian and merchant banker, delivery of underlying equity to the overseas custodian, filing of draft and final prospectus through a merchant banker with specified certifications, and in principle listing approval from nationwide stock exchanges. The prospectus must include detailed disclosures as per the Schedule, and post issue obligations cover denomination in Indian Rupees, issuance limits, lock in before redemption into underlying shares, continuous disclosure of utilization of funds and quarterly audited financial results.
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