FEMA (Transfer or issue of security by a person resident outside India) (Second Amendment) Regulations, 2012 - Amendment in regulations 2 & 5 and insertion of regulation 13 - 224/2012-RB - Foreign Exchange Management
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Indian Depository Receipts: Eligible foreign companies may issue INR denominated IDRs subject to regulatory compliance and investor conditions. Eligible companies resident outside India may issue Indian Depository Receipts (IDRs) through a Domestic Depository to persons resident in India and abroad, subject to compliance with the Companies (Issue of Indian Depository Receipts) Rules, 2004 and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009; financial/banking issuers with presence in India require prior sectoral regulator approval; IDRs must be denominated in Indian Rupees and proceeds immediately repatriated. SEBI-registered FIIs and NRIs may purchase, hold or sell IDRs subject to conditions including investment from specified NRI accounts, non-automatic fungibility, one-year minimum before redemption into equity, and compliance with foreign exchange conversion provisions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Indian Depository Receipts: Eligible foreign companies may issue INR denominated IDRs subject to regulatory compliance and investor conditions.
Eligible companies resident outside India may issue Indian Depository Receipts (IDRs) through a Domestic Depository to persons resident in India and abroad, subject to compliance with the Companies (Issue of Indian Depository Receipts) Rules, 2004 and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009; financial/banking issuers with presence in India require prior sectoral regulator approval; IDRs must be denominated in Indian Rupees and proceeds immediately repatriated. SEBI-registered FIIs and NRIs may purchase, hold or sell IDRs subject to conditions including investment from specified NRI accounts, non-automatic fungibility, one-year minimum before redemption into equity, and compliance with foreign exchange conversion provisions.
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