SEBI unveils IDR conversion norms : Securities and Exchange Board t India on March 1, 2013 issued detailed guidelines allowing shareholders to convert their depository receipts into equity7 shares of the issuer company and vice-versa.

Indian Depository Receipts (IDRs), are generally instruments denominated tn rupees and allow overseas companies to raise funds from the Indian market. SEBI also stipulated that IDRs would be redeemable into underlying equity ‘hares after completion of one-year period from the date of listing them and the issuer will provide two-way fungibility of IDRs. This move is expected to attract more foreign companies to be listed on Indian bourses.

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