Amendment to the 'Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993' - FEMA - 011

Amendment to the 'Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993' RBI/2005-06/156 A.P. (DIR Series) Circular No. 11 September 05, 2005 To, All Banks Authorised to Deal in Foreign Exchange Madam/Sir, Amendment to the 'Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993' Attention of Authorised Dealer (AD) banks is invited to the paragraph 2 of the Annex to the A.P. (DIR Series) Circular No.5 dated August 1, 2005 regarding issue of Foreign Currency Convertible Bonds (FCCB) and Regulations 4 and 5A of Schedule 1 to Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time, for issue of American Depository Receipts (ADRs) / Global Depository Receipts (GDRs). 2. In order to bring the ADR/GDR guidelines in alignment with guidelines on domestic capital issues framed by the Securities and Exchange Board of India (SEBI), the Government of India has brought about certain changes to the guidelines on GDR/ADR guidelines by amending the Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993. 3. A copy of the Press Note F.No.15/4/2004-NRI dated August 31, 2005 issued by the Government of India, Ministry of Finance and the Government Notification dated August 31, 2005 is annexed (Annex 1 and 2, respectively). 4. Necessary amendments to the Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) are being issued separately. 5. Authorised Dealer banks may bring the contents of this circular to the notice of their constituents and customers concerned. 6. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, Vinay Baijal Chief General Manager