<\/p>\n

SCHEDULE 10
[See Regulation (13A)]<\/p>\n

Issue\/transfer of eligible securities to a foreign depository for the purpose of issuance of depository receipts by eligible person(s)<\/p>\n

I. Issue\/Transfer of eligible securities<\/p>\n

a) Securities in which a person resident outside India is allowed to invest under Schedule 1, 2, 2A, 3, 5 and 8 of these Regulations shall be eligible securities for issue of Depository Receipts in terms of Depository Receipts Scheme, 2014 (DR Scheme 2014).<\/p>\n

b) A person will be eligible to issue or transfer eligible securities to a foreign depository for the purpose of issuance of depository receipts as provided in DR Scheme 2014.<\/p>\n

c) A domestic custodian may purchase eligible securities on behalf of a person resident outside India, for the purpose of converting the securities so purchased into depository receipts in terms of DR Scheme 2014.<\/p>\n

d) The aggregate of eligible securities which may be issued or transferred to foreign depositories, along with eligible securities already held by persons resident outside India, shall not exceed the limit on foreign holding of such eligible securities under the extant Foreign Exchange Management regulations, as amended from time to time.<\/p>\n

e) The eligible securities shall be issued\/transferred to a foreign depository for the purpose of issue of depository receipts in accordance with the DR Scheme, 2014 and guidelines issued by Central Government thereunder from time to time.<\/p>\n

II. Pricing of eligible Securities<\/p>\n

The eligible securities shall not be issued or transferred to a foreign depository for the purpose of issuing depository receipts at a price less than the price applicable to a corresponding mode of issue or transfer of such securities to domestic investors under FEMA, 1999 as amended from time to time.<\/p>\n

III. Reporting Requirements<\/p>\n

The issue of depository receipts as per DR Scheme 2014 shall be reported to the Reserve Bank by the domestic custodian in such formats and in such manner as may be prescribed by the Reserve Bank from time to time.<\/p>\n

IV. Depository Receipts issued under the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993 shall be deemed to have been issued under the corresponding provisions of DR Scheme 2014 and have to comply with the provisions laid out in this Schedule.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Reserve Bank of IndiaForeign Exchange Department Central officeMumbai Notification No.FEMA.330\/ 2014-RB Dated: December 15, 2014 Foreign Exchange Management (Transfer or issue of Security by a PersonResident outside India) (Seventeenth Amendment) Regulations, 2014 In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[250],"class_list":["post-1603","post","type-post","status-publish","format-standard","hentry","category-exim","tag-foreign-exchange-management"],"yoast_head":"\n