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Securities and Exchange Broad of India

Parag Basu
Deputy General Manager
Corporation Finance Department
Division of Issues and Listing-II
Phone: +91 22 2285 0451-56, (Extn: 410) 22871582
Fax: +91 22 2204 5633. Email: paragb@sebi.gov.in

SEBI/CFD/DIL/DIP/20/2006/3/4
April 3, 2006

To all Merchant Bankers

Dear Sir(s)/Madam(s),

Sub: Introduction of new Chapter VIA in the SEBI (DIP) Guidelines, 2000

1.  The Central Government, on February 23, 2004 issued the Companies (Issue of Indian Depository Receipts) Rules, 2004 (IDR Rules), under Section 605A of the Companies Act, 1956. Under Rule 4(d) of the IDR Rules, SEBI has the power to specify eligibility criteria for IDR issuers in addition to what is contained in the IDR Rules. Under Clause 9 to the Schedule to the IDR Rules, SEBI can specify any information to be included in the prospectus from time to time.

2. Accordingly, for companies desirous of coming out with IDR issues, a new Chapter VI A has been added in the SEBI DIP Guidelines, 2000, containing the guidelines to be followed by an IDR issuer for coming out with such issue. A copy of Chapter VIA is enclosed herewith in the Annexure.

3. This circular is being issued in exercise of powers conferred by Sections 11(1) and 11A of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

4.  These amendments shall come into force from the date of the circular. This circular, along with the annexure, is available on SEBI website at www.sebi.gov.in. The entire text of SEBI (DIP) Guidelines, 2000, including the amendments issued vide this circular, is also available on SEBI website under the category “Issues and Listing”.

Yours faithfully,

Parag Basu

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