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.
Every time an offender stealthily leaves India to take refuge in another country, the Government of India starts all over again with its strategy of bringing him back to the nation to make him stan More
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