FILING OF DRAFT PROSPECTUS, DUE DILIGENCE CERTIFICATES, PAYMENT OF FEES AND ISSUE ADVERTISEMENT FOR IDRs :

1. The issuing company shall appoint one or more merchant bankers, at least one of which shall be a lead merchant banker and shall also appoint other intermediaries in consultation with the lead merchant banker and shall enter into an agreement with the merchant banker.

2. Where the issue is managed by more than one merchant banker, the rights, obligations and responsibilities, relating inter-alia to disclosures, allotment, refund and underwriting obligations, if any, of each merchant banker shall be predetermined and disclosed in the prospectus.

3. The issuing company shall file a draft prospectus with SEBI through a merchant banker along with the requisite fee, as prescribed in Companies (Issue of Indian Depository Receipts) Rules, 2004.

4. The prospectus filed with SEBI shall also be furnished to SEBI in a soft copy.

5. The lead merchant bankers shall:

(a) submit a due diligence certificate in a prescribed format to SEBI along with the draft prospectus.

(b) certify that all amendments, suggestions or observations made by SEBI have been incorporated in the prospectus

(c) submit a fresh due diligence certificate, at the time of filing the prospectus with the Registrar of the Companies.

(d) furnish a certificate, immediately before the opening of the issue, certifying that no corrective action is required on its part.

(e) furnish a certificate, after the issue has opened but before it closes for subscription.

6. The issuing company shall make arrangements for mandatory collection centres.

7. The issuing company shall issue an advertisement in one English national daily newspaper with wide circulation and one Hindi national daily newspaper with wide circulation, soon after receiving final observations, if any, on the publicly filed draft prospectus with SEBI and contain the minimum disclosures as prescribed by SEBI.