Guidelines For Indian Depository Receipt Holdings

On November 4, 2015, SEBI issued a circular to prescribe a format for reporting holding patterns for Indian Depository Receipts ("IDRs") on a quarterly basis, disclosure norms for corporate governance and guidelines for compliance for two – way fungibility of IDRs, ("SEBI Circular"). The SEBI Circular will come into effect with the coming into effect of the Listing Regulations, since the SEBI Circular has been issued pursuant to provisions contained in the Listing Regulations. Some of the conditions set forth by the SEBI Circular are summarised below:

1. Listed entities that have issued IDRs should file the holding pattern of the same on a quarterly basis within 15 (fifteen) days of the end of a quarter, in the prescribed format;