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An Indian Depository Receipt (IDR) is a financial instrument denominated in Indian Rupees in the form of a depository receipt created by a Domestic Depository (custodian of securities registered with the Securities and Exchange Board of India) against the underlying equity of issuing company to enable foreign companies to raise funds from the Indian securities Markets.〔(Issues by foreign companies in India (Indian Depository Receipts)(IDRs) ) Securities and Exchange Board of India (SEBI)〕 The foreign company IDRs will deposit shares to an Indian depository. The depository would issue receipts to investors in India against these shares. The benefit of the underlying shares (like bonus, dividends etc.) would accrue to the depository receipt holders in India. The Ministry of Corporate Affairs of the Government of India, in exercise of powers available with it under section 642 read with section 605A had prescribed the Companies (Issue of Indian Depository Receipts) Rules, 2004 (IDR Rules) vide notification number GSR 131(E) dated February 23, 2004. Standard Chartered PLC became the first global company to file for an issue of Indian depository receipts in India.〔( Standard Chartered PLC Press release, May 30, 2010 | Standard Chartered PLC announces the public filing of a Draft Red Herring Prospectus in India )〕 The rules provide inter alia for (a) Eligibility for issue of IDRs (b) Procedure for making an issue of IDRs (c) Other conditions for the issue of IDRs (d) Registration of documents (e) Conditions for the issue of prospectus and application (f) Listing of Indian Depository Receipts (g) Procedure for transfer and redemption (h) Continuous Disclosure Requirements (i) Distribution of corporate benefits. These rules (“principal rules”) were operationalized by the Securities and Exchange Board of India (SEBI)—the Indian markets regulator in 2006. Operation instructions under the Foreign Exchange Management Act were issued by the Reserve Bank of India on July 22, 2009.〔(Issue of Indian Depository Receipts ) Reserve Bank Of India, July 22, 2009〕 The SEBI has been notifying amendments to these guidelines from time to time. ==Eligibility of companies to issue IDRs== The regulations relating to the issue of IDRs is contained in Securities and Exchange Board of India (Issue of capital and disclosure requirements) Regulations, 2009, as revised from time to time.〔(Securities and Exchange Board of India (Issue of capital and disclosure requirements) regulations, 2009 ) Securities and Exchange Board of India (SEBI), August 26, 2009〕 According to Clause 26 in Chapter III (“Provisions as to public issue”), the following are required of any company intending to make a public issue in India: * it has net tangible assets of at least Indian rupee three crore in each of the preceding three full years (of twelve months each), of which not more than fifty per cent are held in monetary assets: Provided that if more than fifty per cent. of the net tangible assets are held in monetary assets, the issuer has made firm commitments to utilise such excess monetary assets in its business or project; * it has a track record of distributable profits in terms of section 205 of the Companies Act, 1956, for at least three out of the immediately preceding five years: Provided that extraordinary items shall not be considered for calculating distributable profits; *it has a net worth of at least INR one crore in each of the preceding three full years (of twelve months each); *the aggregate of the proposed issue and all previous issues made in the same financial year in terms of issue size does not exceed five times its pre-issue net worth as per the audited balance sheet of the preceding financial year; *if it has changed its name within the last one year, at least fifty per cent. of the revenue for the preceding one full year has been earned by it from the activity indicated by the new name. Further, Clause 97 in Chapter X stipulates additional requirements from a foreign company intending to make an issue of IDRs: An issuing company making an issue of IDR shall also satisfy the following: *the issuing company is listed in its home country; *the issuing company is not prohibited to issue securities by any regulatory body; *the issuing company has track record of compliance with securities market regulations in its home country. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Indian Depository Receipt」の詳細全文を読む スポンサード リンク
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