Issue of Indian Depository Receipts: Amendments streamline definitions, disclosure, audit and transfer permissions subject to RBI and SEBI conditions. Amendments refine the IDR rules by redefining Overseas Custodian Bank, deleting and renumbering specified sub rules, removing references to draft or letter of offer, permitting non resident purchase/transfer of IDRs subject to Reserve Bank approval or RBI policy, substituting resident terminology with 'holder of IDRs,' imposing SEBI specified continuous disclosure obligations on issuing companies, and prescribing auditor or chartered accountant reports on three years' financials plus interim statements with a maximum 120 day gap to issue opening.