The Ministry of Corporate Affairs ( MCA ) has published a notification where the meaning of foreign depository receipts shall extend to “overseas depository” or “overseas depository bank”. The Notification also renames the Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993 as Depository Receipts Scheme,2014
The notification also states that The depository receipts can be issued by way of a public offering or private placement or in any other manner prevalent in the concerned jurisdiction and may be listed or traded on the listing or trading platform in the concerned jurisdiction.
The notification will come into force on the date of publication in the Official Gazette.
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