Article 7 - Rights and duties - Depository Receipts Scheme, 2014

7. Rights and duties 1. The foreign depository shall be entitled to exercise voting rights, if any, associated with the permissible securities, whether pursuant to voting instruction from the holder of depository receipts or otherwise. 2. The shares of a company underlying the depository receipts shall form part of the public shareholding of the company under the Securities Contracts (Regulation) Rules, 1957, if: (a) the holder of such depository receipts has the right to issue voting instruction; and (b) such depository receipts are listed on an international exchange. 3. In the cases not covered under sub-paragraph 2, shares of the company underlying depository receipts shall not be included in the total shareholding and in the public shareholding for the purpose of computing the public shareholding of the company. 4. A holder of depository receipts issued on the back of equity shares of a company shall have the same obligations as if it is the holder of the underlying equity shares if it has the right to issue voting instruction.