Framework for issue of Depository Receipts - Clarifications

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ustodians Dear Sir / Madam, Subject: Framework for issue of Depository Receipts - Clarifications 1. SEBI vide its Circular No. SEBI/HO/MRD/DOP1/CIR/P/2019/106 dated October 10, 2019 laid down a Framework for issue of Depository Receipts. 2. Para 2.15 of the said circular specifies the following criteria for Permissible holders of Depository Receipts: Permissible .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... d Circular is as under: Permissible holder means a holder of DR, including its Beneficial Owner(s), satisfying the following conditions: (a)who is not a person resident in India; (b)who is not a Non-Resident Indian (NRI) Provided that the restriction under this Clause shall not apply in case of issue of DRs to NRIs, pursuant to share based employee benefit schemes whi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ovisos above, NRIs shall neither subscribe to any further issue of DRs nor make any further acquisition of DRs (including of DRs issued prior to October 10, 2019). 4. After Para 2.12, the following shall be inserted as Para 2.12A: 2.12A. The onus of identification of NRIs holders, who are issued DRs in terms employee benefit scheme, would lie with the listed company. The listed com .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X