Issue of Indian Depository Receipts (IDRs)

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....-I (AD Category-I) banks is invited to Companies (Issue of Indian Depository Receipts) Rules, 2004 (IDR Rules) notified by the Ministry of Corporate Affairs and subsequent amendments made thereto and Circular No. SEBI / CFD / DIL / DIP / 20 /2006 / 3 / 4 dated April 3, 2006 issued by the Securities and Exchange Board of India (SEBI) regarding issue of Indian Depository Receipts by foreign companie....

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....00, as amended from time to time. In case of raising of funds through issuance of IDRs by financial/banking companies having presence in India, either through a branch or subsidiary, the approval of the sectoral regulator(s) should be obtained before the issuance of IDRs. Investment by Persons resident in India / FIIs / NRIs in IDRs 4. The FEMA Regulations shall not be applicable to persons ....

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....thorised Dealer / Authorised bank. Fungibility 5.Automatic fungibility of IDRs is not permitted. Period of redemption 6. IDRs shall not be redeemable into underlying equity shares before the expiry of one year period from the date of issue of the IDRs. Procedure for transfer and redemption of IDRs 7. At the time of redemption / conversion of IDRs into underlying shares, the India....

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....ed July 7, 2004, as amended from time to time. (iii) Other persons resident in India including resident individuals are allowed to hold the underlying shares only for the purpose of sale within a period of 30 days from the date of conversion of the IDRs into underlying shares. (iv) The FEMA provisions shall not apply to the holding of the underlying shares, on redemption of IDRs by the FIIs ....