ELIGIBILITY FOR ISSUE OF IDRs :

Sub-rule 2 stipulates that the issuing company shall not issue IDRs unless –

(a) its pre-issue paid-up capital and free reserves are at least US$ 50 million and it has a minimum average market capitalization (during the last three years) in its parent country of at least US$ 100 million;

(b) it has been continuously trading on a stock exchange in its parent or home country (the country of incorporation of such company) for at least three immediately preceding years;

(c) it has a track record of distributable profits in terms of section 123 of the Act, for at least three out of immediately preceding five years;

(d) it fulfills such other eligibility criteria as may be laid down by the SEBI from time to time in this behalf.