Redemption of Indian Depository Receipts (IDRs) into Underlying Equity Shares

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....hant Bankers All Registered Registrars to an Issue/STA All Registered Custodians Dear Sir/Madam, Sub: Redemption of Indian Depository Receipts (IDRs) into Underlying Equity Shares 1. SEBI, vide circular No: CIR/CFD/DIL/3/2011 dated June 03, 2011, has prescribed the framework for redemption of IDRs into underlying equity shares. The circular has, inter-alia, stated that after the com....

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....Rs into underlying equity shares) in a financial year to the extent of 25 % of the IDRs originally issued. Suitable instructions for modifying the existing legal framework governing IDRs, in order to implement the decision to allow redemption of IDRs into underlying equity shares and re-conversion of equity shares of a foreign issuer (which has already listed their IDRs) into IDRs, will be issued ....