SECURITIES AND EXCHANGE BOARD OF INDIA SECONDARY MARKET DEPARTMENT Mittal Court, A Wing, Gr. Floor, 224, Nariman Point, Mumbai 400 021
The President/Executive Director Managing Director of all the Stock Exchanges/ Depositories/Custodians/AMFI/RAIN
Sub.: Delivery of underlying shares of GDRs/ADRs in dematerialised form.
At the meeting of the Working Group held on held on July 17,1998, it was decided that delivery of underlying shares of GDRs/ADRs shall compulsorily be in dematerialised form. The matter was referred to Reserve Bank of India (RBI). The RBI has issued two notifications on the subject permitting:
RBI has further clarified that there would not be any obstacle from FERA angle in the process of dematerialisation as the above mentioned notifications have issued to take care of the same. Copies of the notifications are enclosed herewith.
It has therefore been decided that henceforth delivery of underlying shares of GDRs/ADRs shall compulsorily be in dematerialised form. Stock Exchanges shall not accept delivery of underlying shares of GDRs/ADRs in physical form.
P. K. Kuriachen DIVISION CHIEF SECONDARY MARKET, DEPOSITORY RESEARCH & PUBLICATIONS DEPARTMENT
Encl.: as above