Article 9 - Approval - Depository Receipts Scheme, 2014

9. Approval 1. Any approval necessary for issue or transfer of permissible securities to a person resident outside India shall apply to the issue or transfer of such permissible securities to a foreign depository for the purpose of issue of depository receipts. 2. Subject to sub-paragraph 1, the issue of depository receipts shall not require any approval from any government agency if the issuance is in accordance with the Scheme. Explanation: If the issue of permissible securities underlying the depository receipts does not require approval under the Foreign Exchange Management Act, 1999 , no approval will be required for issue of such depository receipts.