SEBI notifies Permissible Jurisdiction for issuance of Depository Receipts

Dec 02, 2019 | by Avantis RegTech Legal Research Team

The Securities Exchange Board of India (SEBI) on November 28, 2019, has provided Framework for issue of Depository Receipts (DRs) vide Circular SEBI/HO/MRD/DOP1/CIR/P/2019/106 dated October 10, 2019.

It is provided that a listed company shall be permitted to issue permissible securities or transfer permissible securities of existing holders, for the purpose of issue of DRs, only in Permissible Jurisdictions and said DRs shall be listed on any of the specified International Exchanges of the Permissible Jurisdiction. The term ‘Permissible Jurisdiction’ means jurisdictions as may be notified by the Central Government from time to time. The list of Permissible Jurisdictions and International Exchanges are placed at Annexure A.

Following is the list of Permissible Jurisdictions and International Exchanges: -

1.  United States of America – NASDAQ, NYSE

2.  Japan – Tokyo Stock Exchange

3.  South Korea – Korea Exchange Inc.

4.  United Kingdom excluding British Overseas Territories- London Stock Exchange

5.  France – Euronext Paris

6.  Germany – Frankfurt Stock Exchange

7.  Canada – Toronto Stock Exchange

8. International Financial Services Centre in India – India International Exchange, NSE International Exchange




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