Article 3 - Eligibility - Depository Receipts Scheme, 2014

3. Eligibility 1. The following persons are eligible to issue or transfer permissible securities to a foreign depository for the purpose of issue of depository receipts: (a) any Indian company, listed or unlisted, private or public; (b) any other issuer of permissible securities; (c) any person holding permissible securities; which has not been specifically prohibited from accessing the capital market or dealing in securities. 2. Unsponsored depository receipts on the back of listed permissible securities can be issued only if such depository receipts: (a) give the holder the right to issue voting instruction; and (b) are listed on an international exchange.