Participation by OCBs in the limited two way fungibility of ADRs/GDRs

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..... 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 the RBI vide its circular no. 21 (DIR Series) dated February 13, 2002. In this regard it has been clarified by the RBI that the participation of the OCBs in .....

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..... bility 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 for OCBs for the time being till a full review is made. Hence, the scheme can be operated only for foreign investors other than OCBs. Accordingly you .....

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