Participation by Overseas Corporate Bodies ("OCBs") in the limited two-way fungibility of ADRs/GDRs.

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..... AR NO. 10 Sub: Participation by Overseas Corporate Bodies ("OCBs") in the limited two-way fungibility of ADRs/GDRs. Please refer to the Operative Guidelines for 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 circula .....

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..... rities & Exchange Board of India, Mittal Court, B - Wing, 224, Nariman Point, Mumbai - 400 021. Dear Sir, Participation by OCBs in the Two Way Fungibility of ADRs/GDRs Please refer to your letter no. ITTC/FII/14671/02 dated 2nd August 2002 on the captioned subject. The matter has been considered by the Government and it has been decided that the two way fungibility scheme can be kept on hold .....

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