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TMI BlogFramework for issue of Depository ReceiptsX X X X Extracts X X X X X X X X Extracts X X X X ..... compliance with the following requirements: Eligibility 2.1. Listed Company is in compliance with the requirements prescribed under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and any amendments thereof. 2.2. Listed company shall be eligible to issue Permissible Securities, for the purpose of issue of DRs, if: (a) the Listed Company, any of its promoters, promoter group or directors or selling shareholders are not debarred from accessing the capital market by SEBI; (b) any of the promoters or directors of the Listed Company is a promoter or director of any other company which is not debarred from accessing the capital market by SEBI; (c) the listed company or any of its promoters or directors is not a wilful defaulter; (d) any of its promoters or directors is not a fugitive economic offender. 2.3. Existing holders shall be eligible to transfer Permissible Securities, for the purpose of issue of DRs, if: (a) the Listed Company or the holder transferring Permissible Securities are not debarred from accessing the capital market by SEBI; (b) the Listed Company or the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing to issue Permissible Securities or transfer Permissible Securities of existing holders, for the purpose of issue of DRs and listing such DRs on an International Exchange, may seek in-principle and final approval from Recognized Stock Exchange as well as International Exchange. However, such issue or transfer of Permissible Securities for the purpose of issue of DRs shall be subsequent to, the receipt of trading approval from the Recognized Stock Exchange for the public offer. Permissible Jurisdictions and International Exchanges 2.7. Listed Company shall be permitted to issue Permissible Securities or transfer Permissible Securities of existing holders, for the purpose of issue of DRs, only in Permissible Jurisdictions and said DRs shall be listed on any of the specified International Exchange(s) of the Permissible Jurisdiction. Explanation 1 : For the purpose of this Circular, Permissible Jurisdiction shall mean jurisdictions as may be notified by the Central Government from time to time, pursuant to notification no. G.S.R. 669(E) dated September 18, 2019 in respect of sub-rule 1 of rule 9 of Prevention of Money-Laundering (Maintenance of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsure that the agreement entered with the Foreign Depository, for the purpose of issue of DRs, provides that the Permissible holder, including its Beneficial Owner(s), shall ensure compliance with holding limits prescribed under Paragraph (2.19). 2.13. Listed Company shall, through an intermediary, file with SEBI and the Recognized Stock Exchange(s), a copy of the initial document, by whatever name called, for initial issue of DRs issued on the back of Permissible Securities. (a) SEBI shall endeavor to forward its comments, if any, to the Recognized Stock Exchange(s) within a period of 7 working days from the receipt of the document and in the event of no comments being issued by SEBI within such period, it shall be deemed that SEBI does not have comments to offer. (b) Recognized Stock Exchange(s) shall take into consideration the comments of SEBI while granting in-principle approval to the Listed Company and decide on the approval within 15 working days of receipt of application and required documents. Further, final document for such initial issue shall be filed with Recognized Stock Exchange(s) and SEBI for record purpose. 2.14. Liste ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f such Permissible Securities to domestic investors under the applicable laws. Obligations of Indian Depository, Foreign Depository and Domestic Custodian 2.19. Indian Depositories, in consultation with each other, shall develop a system to ensure that aggregate holding of DR holders along with their holding, if any, through offshore derivative instruments and holding as a Foreign Portfolio Investor belonging to same investor group shall not exceed the limit on foreign holding under the FEMA and applicable SEBI Regulations. For this purpose, Indian Depositories shall have necessary arrangement with the Domestic Custodian and / or Foreign Depository. Explanation- For the purposes of Paragraph (2.19), the term investor group shall have the meaning as prescribed to such term in the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 or amendments thereof. 2.20. Domestic Custodian shall maintain records in respect of, and report to, Indian depositories all transactions in the nature of issue and cancellation of depository receipts, for the purpose of monitoring limits. 2.21. Indian Depositories shal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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