Amendment to the “Issue of Foreign Currency Convertible Bonds and Ordinary shares (Through Depository Receipt Mechanism) Scheme, 1993”

Amendment to the “Issue of Foreign Currency Convertible Bonds and Ordinary shares (Through Depository Receipt Mechanism) Scheme, 1993” https://www.taxtmi.com/circulars?id=52532 Unlisted Indian companies are permitted to issue ADRs/GDRs and raise capital abroad without prior or simultaneous domestic listing for an initial two year period, subject to conditions: listing only in IOSCO/FATF compliant or SEBI partner jurisdictions; compliance with sectoral caps, entry routes, minimum capitalisation and FDI pricing norms; upfront determination of ADR/GDR-to-equity ratios and pricing under Schedule 1 of FEMA Notification No.20; adherence to downstream investment instructions; limited permitted uses of funds abroad; repatriation and parking requirements if funds are not used abroad; and specified FEMA reporting obligations. en-us Fri, 08 Nov 2013 00:00:00 +0530 Sat, 09 Nov 2013 10:27:00 +0530 TaxTMI RSS Generator Amendment to the “Issue of Foreign Currency Convertible Bonds and Ordinary shares (Through Depository Receipt Mechanism) Scheme, 1993” https://www.taxtmi.com/circulars?id=52532 Unlisted Indian companies are permitted to issue ADRs/GDRs and raise capital abroad without prior or simultaneous domestic listing for an initial two year period, subject to conditions: listing only in IOSCO/FATF compliant or SEBI partner jurisdictions; compliance with sectoral caps, entry routes, minimum capitalisation and FDI pricing norms; upfront determination of ADR/GDR-to-equity ratios and pricing under Schedule 1 of FEMA Notification No.20; adherence to downstream investment instructions; limited permitted uses of funds abroad; repatriation and parking requirements if funds are not used abroad; and specified FEMA reporting obligations. Circulars FEMA Fri, 08 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/circulars?id=52532