Simplified Listing Agreement for Indian Depository Receipts
SEBI, vide circular no. CFD/DIL/IDR/1/2006/3/4, dated 3-4-2006, notified the Indian Depository Receipts (IDR) Model Listing Agreement. In order to reduce the additional regulatory or cost burden to the issuers, it has been decided to simplify the listing requirements applicable to the issuers from the countries which are the signatories of Multilateral Memorandum of Understanding (MMOU) of International Organization of Securities Commissions (IOSCO). Accordingly, SEBI has drafted a model listing agreement for IDR issuers having its registered office situated in a country, the securities market regulator of which is a signatory to MMOU of IOSCO. With respect to most of the provisions especially Corporate Governance requirements and disclosure of periodical results, the issuer is allowed to follow the home country requirements provided equitable treatment is given to the IDR holders vis-à-vis holders of equity shares. For the issuing companies from other jurisdictions, the existing model listing agreement for IDRs shall continue to apply till further advice in this regard.
The full text of the circular and the simplified listing agreement is available on the SEBI website www.sebi.gov.in.
Mumbai
June 16, 2009