Participation by Overseas Corporate Bodies ("OCBs") in the limited two-way fungibility of ADRs/GDRs.

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....dam, DEPOSITORIES AND CUSTODIANS DIVISION --- CIRCULAR NO. 10 Sub: Participation by Overseas Corporate Bodies ("OCBs") in the limited two-way fungibility of ADRs/GDRs. Please refer to the Operative Guidelines for the two-way fungibility under the "issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme 1993" issued by Reserve Bank of I....

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.... Shri Piyoosh Gupta General Manager, FII Division, Securities & Exchange Board of India, Mittal Court, B - Wing, 224, Nariman Point, Mumbai - 400 021. Dear Sir, Participation by OCBs in the Two Way Fungibility of ADRs/GDRs Please refer to your letter no. ITTC/FII/14671/02 dated 2nd August 2002 on the captioned subject. The matter has been considered by the Government and it....