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

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....urrency Convertible Bonds and Ordinary shares (Through Depository Receipt Mechanism) Scheme, 1993" Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.11 dated September 5, 2005 regarding issue of American Depository Receipts (ADRs)/ Global Depository Receipts (GDRs) read with Paragraph 4 of Schedule 1 to the Foreign Exchange Management (T....

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....t to review after a period of two years. The investment shall be subject to the following conditions:    (a) Unlisted Indian companies shall list abroad only on exchanges in IOSCO/FATF compliant jurisdictions or those jurisdictions with which SEBI has signed bilateral agreements;    (b) The ADRs/ GDRs shall be issued subject to sectoral cap, entry route, minimum capitalis....

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....tment as notified by the Reserve Bank from time to time;    (f) The criteria of eligibility of unlisted company raising funds through ADRs/GDRs shall be as prescribed by Government of India;    (g) The capital raised abroad may be utilised for retiring outstanding overseas debt or for bona fide operations abroad including for acquisitions;    (h) In case the ....