https://www.taxtmi.com/circulars?id=58303 Partial two-way fungibility permits conversion of IDRs into underlying equity shares and reconversion into IDRs within available Headroom (original issuance less outstanding and redeemed IDRs). Future issuers face a one-year lock-in before continuous fungibility, must disclose fungibility mode (shares, sale proceeds, or both) and costs, and transfer applied IDRs to an IDR redemption account. Existing issuers must offer annual conversion availability after the first anniversary, run periodic fungibility windows with predetermined quantum, allocate excess demand proportionately, reserve a retail allocation, disclose Headroom and significant transactions continuously, and may opt into the new regime by public notice. en-us Fri, 01 Mar 2013 00:00:00 +0530 Thu, 26 Feb 2026 11:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=58303 Partial two-way fungibility permits conversion of IDRs into underlying equity shares and reconversion into IDRs within available Headroom (original issuance less outstanding and redeemed IDRs). Future issuers face a one-year lock-in before continuous fungibility, must disclose fungibility mode (shares, sale proceeds, or both) and costs, and transfer applied IDRs to an IDR redemption account. Existing issuers must offer annual conversion availability after the first anniversary, run periodic fungibility windows with predetermined quantum, allocate excess demand proportionately, reserve a retail allocation, disclose Headroom and significant transactions continuously, and may opt into the new regime by public notice. Circulars SEBI Fri, 01 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/circulars?id=58303