Revision of Monthly Reporting Format for Two-Way Fungibility of ADRs/GDRs

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Dec 11, 2003 |

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IMD DEPARTMENT Web-site: www.sebi.gov.in Fax No: 91 22 22829520

Circular No. IMD/CUST/11/2003 December 11 , 2003

To All Custodians of Securities

Dear Sir/Madam,

Sub: Two-way fungibility of ADRs/GDRs.

Please refer to our Circular No. D&CC/FITTC/CIR-11/2002 dated October 03, 2002 enclosing the format for submitting monthly report to RBI/SEBI in terms of clause q) of the Operative Guidelines on the two-way fungibility under the issue of "Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme 1993" issued by Reserve Bank of India ("RBI") vide its circular no. 21 (DIR Series) dated February 13, 2002. It has been decided to revise the aforesaid format particularly the column nos. 10 and 12 . The revised format is enclosed in Annexure A. This monthly report shall include transactions upto and inclusive of the last Friday of the month and shall be submitted by the custodians both in hard copy as well as soft copy by the 10th of the following month. This revision will be effective from the monthly report pertaining to December 2003 onwards .

The custodians are advised to note the revision and ensure compliance in their future reporting.

Yours faithfully,

D. CHANDA

CHIEF GENERAL MANAGER

ANNEXURE A

S. No

Name of Indian Company

Sectoral Cap Applicable, if any

Whether Sectoral Cap Breached. Say yes or No

Total No of ADR/GDR issued including those due to corporate actions

Progressive No. of ADR/GDR redeemed in the previous month

Progressive No. of ADR/GDR redeemed till the previous month and sold in the market

Progressive No. of ADR/GDR reissued till the previous month

ADR/GDR redeemed during month and sold in the market

Local Shares deposited for 2 way fungibility

Total no of ADR/GDR outstanding at the end of the month

Value of shares deposited as per contract note[Gross Value(without brokerage]

Quantity of Unsold shares arising out of ADR/GDR conversion