REGULATORY FRAMEWORK IN INDIA :

Issue of ADR/GDR/FCCBs/FCEBs are regulated by the following regulations in India:

• The Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme,1993.

• Foreign Currency Exchangeable Bonds Scheme, 2008

• Depository Receipts Scheme, 2014

• Notifications/Circulars issued by Ministry of Finance (MoF), GOI.

• Consolidated FDI Policy.

• RBI Regulations/Circulars.

• Companies Act and Rules thereunder.

• Listing Regulations.