These rules may be called the Companies (Issue of Global Depository Receipts) Amendment Rules, 2020.
They shall come into force on the date of their publication in the Official Gazette.
| Rules | Companies (Issue of Global Depository Receipts) Rules, 2014 | Companies (Issue of Global Depository Receipts) Amendment Rules, 2020 |
| Rule 2 Definition | Words and expressions occurring in these rules shall bear the same meaning as in the Act and the Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993 or any modification or re-enactment thereof. | Words and expressions occurring in these rules shall bear the same meaning as in the Act and the Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme,2014 or any modification or re-enactment thereof. |
| Rule -2 sub-rule (1), after clause (a) new clause aa | “overseas depository” or “overseas depository bank” shall mean ‘foreign depository’ as defined in the Scheme.’. | |
| Rule 5 Manner and Form of Depository Receipts. Sub rule (1) | The depository receipts can be issued by way of public offering or private placement or in any other manner prevalent abroad and may be listed or traded in an overseas listing or trading platform. | The depository receipts can be issued by way of 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 hading platform in the concerned jurisdiction |
| Rule 5 in sub rule (3) | The underlying shares shall be allotted in the name of the overseas depository bank and against such shares, the depository receipts shall be issued by the overseas depository bank abroad. | The underlying shares shall be allotted in the name of the overseas depository bank and against such shares, the depository receipts shall be issued by the overseas depository bank |
| Rule 7Proceeds of Issue. Proviso is inserted | “Provided that proceeds of issue of depository receipts may be remitted in an International Financial Services Centre Banking Unit (IBU) and utilised in accordance with the instructions issued bv the Reserve Bank of India from time to time.” | |
| Rule 9 Non Applicability of Certain Provisions of the Act.in sub rule (1) | The provisions of the Act and any rules issued there under insofar as they relate to public issue of shares or debentures shall not apply to issue of depository receipts abroad | The provisions of the Act and any rules issued thereunder insofar as they relate to public issue of shares or debentures shall not apply to issue of depository receipts |
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