Two-way fungibility of ADRs/GDRs. - SEBI - D&CC/FITTC/CIR - 11/2002

Circulars DEPUTY GENERAL MANAGER DEPOSITORIES AND CUSTODIAL CELL D CC/FITTC/CIR - 11/2002 October 3, 2002 To All Stock Exchanges, Depositories and Custodians Dear Sir/Madam, DEPOSITORIES AND CUSTODIANS DIVISION --- CIRCULAR NO. 11 Sub: Two-way fungibility of ADRs/GDRs. Please refer to the Operative Guidelines on the two-way fungibility under the issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme 1993 issued by Reserve Bank of India ( RBI ) vide its circular no. 21 (DIR Series) dated February 13, 2002. In this regard RBI has clarified the following: 1. Certificate regarding non-breaching of sectoral caps to RBI/SEBI in terms of clause e) of the Operative Guidelines shall be submitted by the custodians on monthly basis. This monthly certificate shall be submitted by the custodians by 10th of every month. 2. Monthly report in terms of clause q) of the Operative Guidelines shall be submitted by the custodians to RBI/SEBI in the enclosed format. This monthly report shall be submitted by the custodians both in hard copy as well as soft copy by 10th of every month. The custodians are therefore advised to ensure compliance of the aforesaid clarifications. Yours faithfully, -sd- G S REDDY Encl.: a/a S. No Name of Indian Company Sectoral Cap Applicable, if any Whether Sectoral Cap Breached. Say yes or No Total No of ADR/GDR issued including those due to corporate actions Progressive No. of ADR/GDR redeemed in the previous month Progressive No. of ADR/GDR redeemed till the previous month and sold in the market Progressive No. of ADR/GDR reissued till the previous month ADR/GDR redeemed during month and sold in the market ADR/GDR reissued during the month Total no of ADR/GDR outstanding at the end of the month Amount of inward remittance Quantity of Unsold shares arising out of ADR/GDR conversion 1 . 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.