Relaxations on IDR Redemption

Last year, SEBI issued a circular that imposed some curbs on redemption by holders of Indian depository receipts (IDRs). Under that circular, redemption was permitted only if the IDRs are infrequently traded on the stock exchanges in India. This was a method of limiting exit options to investor exclusively to the Indian markets, except where they are illiquid (in which case conversion into...

IDR Offering Document

Here is the draft red herring prospectus for the first ever offering of Indian depository receipts (IDRs) proposed by Standard Chartered Bank. Particularly interesting is the section titled “Frequently Asked Questions on the IDR Facility” on pages 42-51 that provides details of operation of the IDR mechanism.

Amendments to DIP Guidelines: Rights Issues and IDRs

SEBI today issued amendments to the SEBI (Disclosure and Investor Protection) Guidelines, 2000 with a view to simplifying the process for a rights issue. Since listed companies embarking on a rights issue are already subject to the disclosure norms under the listing agreement, substantial information regarding such companies are already available in the public domain, and hence SEBI has decided...

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