Article 4 - Issue - Depository Receipts Scheme, 2014

4. Issue 1. A foreign depository may issue depository receipts by way of a public offering or private placement or in any other manner prevalent in a permissible jurisdiction. 2. An issuer may issue permissible securities to a foreign depository for the purpose of issue of depository receipts by any mode permissible for issue of such permissible securities to investors. 3. The holders of permissible securities may transfer permissible securities to a foreign depository for the purpose of the issue of depository receipts, with or without the approval of issuer of such permissible securities, through transactions on a recognized stock exchange, bilateral transactions or by tendering through a public platform.