Manner and form of depository receipts
(1)
The depository receipts can be issued by way of public offering or private placement or in any other manner prevalent in the concerned jurisdiction and may be listed or traded on the listing or trading platform in the concerned jurisdiction.
(1)
The depository receipts can be issued by way of public offering or private placement or in any other manner prevalent abroad and may be listed or traded in an overseas listing or trading platform.
(2)
The depository receipts may be issued against issue of new shares or may be sponsored against shares held by shareholders of the company in accordance with such conditions as the Central Government or Reserve Bank of India may prescribe or specify from time to time.
(3)
The underlying shares shall be allotted in the name of the overseas depository bank and against such shares, the depository receipts shall be issued by the overseas depository bank abroad .
Notes, amendments & references (2)
Substituted vide Companies (Issue of Global Depository Receipts) Amendment Rules, 2020 dated 13.02.2020. To view the notification, Click Here
Omitted vide Companies (Issue of Global Depository Receipts) Amendment Rules, 2020 dated 13.02.2020. To view the notification, Click Here