Two-way fungibility of ADRs/GDRs.

  

DEPUTY GENERAL MANAGER

DEPOSITORIES AND CUSTODIAL CELL

 

D&CC/FITTC/CIR - 11/2002

October 3, 2002

To

All Stock Exchanges, Depositories and Custodians

 

Dear Sir/Madam,

 DEPOSITORIES AND CUSTODIANS DIVISION --- CIRCULAR NO. 11

Sub: Two-way fungibility of ADRs/GDRs.

 

Please refer to the Operative Guidelines on the two-way fungibility under the issue of "Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme 1993" issued by Reserve Bank of India ("RBI") vide its circular no. 21 (DIR Series) dated February 13, 2002.

In this regard RBI has clarified the following:

 

1. Certificate regarding non-breaching of sectoral caps to RBI/SEBI in terms of clause e) of the Operative Guidelines shall be submitted by the custodians on monthly basis. This monthly certificate shall be submitted by the custodians by 10^th of every month.

 

2. Monthly report in terms of clause q) of the Operative Guidelines shall be submitted by the custodians to RBI/SEBI in the enclosed format. This monthly report shall be submitted by the custodians both in hard copy as well as soft copy by 10^th of every month.

The custodians are therefore advised to ensure compliance of the aforesaid clarifications.

 

Yours faithfully,

-sd-

G S REDDY

Encl.: a/a

 

S. No	Name of Indian Company	Sectoral Cap Applicable, if any	Whether Sectoral Cap Breached. Say yes or No	Total No of ADR/GDR issued including those due to corporate actions	Progressive No. of ADR/GDR redeemed in the previous month	Progressive No. of ADR/GDR redeemed till the previous month and sold in the market	Progressive No. of ADR/GDR reissued till the previous month	ADR/GDR redeemed during month and sold in the market	ADR/GDR reissued during the month	Total no of ADR/GDR outstanding at the end of the month	Amount of inward remittance	Quantity of Unsold shares arising out of ADR/GDR conversion
1.	2.	3.	4.	5.	6.	7.	8.	9.	10.	11.	12.	13.