Ref. LIST/COMP/75/2020-21
Dear Sir\Madam,
Securities and Exchange Board of India (SEBI) has issued circular No. SEBI/HO/MRD2/DCAP /CIR/P/2020/243 dated December 18, 2020, regarding framework for issue of Depository Receipts - Clarifications.
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.
Based on representations received from market participants, the revised Para 2.15 of the abovementioned 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 which are implemented by a company in terms of SEBI (Share Based Employee Benefits) Regulations 2014;
Provided further that the restriction under this Clause shall also not apply in case of issue of DRs by the company to NRIs pursuant to a bonus issue or a rights issue.
The aforesaid circular is attached for reference.
Listed Companies are requested to take note and comply accordingly.
|
Ashok Kumar Singh
Assistant General Manager
Listing Compliance
|
|
Nisha Mehta
Manager
Listing Compliance
|
December 22, 2020
|