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ARTICLE · 18 DECEMBER 2019

Framework For Issue Of Depository Receipts

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The Securities and Exchange Board of India ("SEBI") vide its circular dated October 10, 2019, has notified a detailed framework for issuance of depository receipts ("DRs")...

IndiaFinance and Banking
Avanti Kale
Avanti Kale
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The Securities and Exchange Board of India ("SEBI") vide its circular dated October 10, 2019, has notified a detailed framework for issuance of depository receipts ("DRs") by a company incorporated and listed on a recognized stock exchange in India. The new framework which has come into force with immediate effect, sets out eligibility requirements as well as certain obligations to be complied with by issuers of DRs. Further, the Depository Receipts (Amendment) Scheme, 2019 has also been notified on October 7, 2019 which amends the definition of 'permissible jurisdiction', inter alia, to include the International Financial Services Centre in India.

Under the provisions of the erstwhile Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993, DRs could be issued only by companies listed on Indian stock exchanges. This scope was broadened vide the Depository Receipts Scheme, 2014 ("2014 Scheme") notified by

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