ELIGIBILITY FOR ISSUE OF DEPOSITORY RECEIPTS
Clause 3 of the scheme describes the eligibility of issue of depository receipts. The following persons are eligible to issue or transfer permissible transactions to a foreign depository for the issue of depository receipts:
• Any Indian company, listed or unlisted, private or public;
• Any other issuer of permissible securities;
• Any person holding permissible securities
which has not been specifically prohibited from accessing the capital market or dealing in securities. Unsponsored depository receipts on the back of the listed permissible securities can be issued only if such depository receipts gave the holder the right to issue voting instruction and are listed on an international exchange.