Vide its Circular no. CIR/CFD/DIL/10/2012 dated August 28, 2012, SEBI has prescribed a framework for two-way frangibility of IDRs so as to improve the attractiveness of IDRs as an instrument thereby ensuring long term sustainability of IDRs. To retain the domestic liquidity, it is decided to allow partial frangibility of IDRs (i.e. redemption/conversion of IDRs into underlying equity shares) in a financial year to the extent of 25 % of the IDRs originally issued. Suitable instructions for modifying the existing legal framework governing IDRs, in order to implement the decision to allow redemption of IDRs into underlying equity shares and re-conversion of equity shares of a foreign issuer (which has already listed their IDRs) into IDRs, will be issued separately.
The Supreme Court’s judgment to decriminalize Section 377 of Indian Penal Code (IPC) on 6th September 2019 was embarkation of a more egalitarian society. The verdict equipped members of LGBTQ commun More
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