Laws and sections by number or title, due dates, pages, and updates.
The Securities and Exchange Board of India issues a list of permissible jurisdictions and international exchanges for the issue of depository receipts by listed companies. Stock exchanges and depositories must amend their bye-laws, rules, and regulations to implement the circular. They must also inform issuers and domestic custodians and publish the provisions on their websites. The framework applies to recognized stock exchanges, listed companies, recognized depositories, and recognized custodians.
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[Image omitted. See the official document.] भारतीय प्रतिभूति और विनिमय बोर्ड Securities and Exchange Board of India
CIRCULAR
SEBI/HO/MRD2/DCAP/CIR/P/2019/146
November 28, 2019
To,
Dear Sir / Madam,
Subject: Framework for issue of Depository Receipts
The framework for issuance of Depository Receipts (‘DRs’) by a Listed Company was notified by SEBI vide Circular dated October 10, 2019.
The said Circular, inter-alia, provided that a Listed company shall be permitted to issue permissible securities or transfer Permissible Securities of existing holders, for the purpose of issue of DRs, only in Permissible Jurisdictions and said DRs shall be listed on any of the specified International Exchange(s) of the Permissible Jurisdiction.
The Circular also provided that ‘Permissible Jurisdiction’ shall mean jurisdictions as may be notified by the Central Government from time to time, pursuant to notification no. G.S.R. 669(E) dated September 18, 2019 in respect of sub-rule 1 of rule 9 of Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, and ‘International Exchanges’ shall mean exchanges as may be notified by SEBI from time to time.'
In this regard, the Central Government vide notification dated November 28, 2019, has notified the list of Permissible Jurisdictions in pursuance of notification dated September 18, 2019. Accordingly, for the purpose of Para 2.7 of the abovementioned Circular dated October 10, 2019, a list of Permissible Jurisdictions and International Exchange(s) is placed at Annexure A.
Stock Exchanges and Depositories are advised to:
This circular is being issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
This circular is available on SEBI website at www.sebi.gov.in at “Legal Framework→Circulars”.
Yours faithfully,
Amit Tandon General Manager Market Regulation Department E-mail: amitt@sebi.gov.in
Annexure A
List of Permissible Jurisdictions and International Exchanges
