Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Seventeenth Amendment) Regulations, 2014.

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....tification No. FEMA.20/2000-RB, dated May 3, 2000), (hereinafter referred to as "the principal Regulations') namely :-- 1. Short Title & Commencement (a) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Seventeenth Amendment) Regulations, 2014. (b) They shall come into force from December 15, 2014. 2. Amendment of the Regulations In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations 2000, (Notification No. FEMA. 20/2000-RB, dated 3rd May, 2000), I. In Regulation 2: (a) after clause (iic), the following new clause shall be inserted, namely:-- "(iicc) 'Domestic Custodian&#....

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..... In the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 (Notification No. FEMA. 20/2000-RB, dated 3rd May, 2000), in Schedule 1, (a) paragraph 4, 4A and 4B shall be deleted. (b) paragraph 6 shall be deleted. (c) in Annex B, in entry No. 7.5 for the words, "American Depository Receipts (ADRs), Global Depository Receipts (GDRs)", the words "Depository Receipts issued under Schedule 10 of these Regulations with equity shares or compulsorily and mandatorily convertible preference shares or compulsory and mandatorily convertible debentures or warrant or any other security in which foreign direct investment can be made in terms of Schedule 1 of the principal Re....

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....eligible securities which may be issued or transferred to foreign depositories, along with eligible securities already held by persons resident outside India, shall not exceed the limit on foreign holding of such eligible securities under the extant Foreign Exchange Management regulations, as amended from time to time. (e) The eligible securities shall be issued/transferred to a foreign depository for the purpose of issue of depository receipts in accordance with the DR Scheme, 2014 and guidelines issued by Central Government thereunder from time to time. II. Pricing of eligible Securities The eligible securities shall not be issued or transferred to a foreign depository for the purpose of issuing depository receipts at a price less th....