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SECURITIES AND EXCHANGE BOARD OF INDIA

DEPUTY GENERAL MANAGER

DEPOSITORIES AND CUSTODIAL CELL

D&CC/FITTC/CIR-10/2002

September 25, 2002

 To

All Stock Exchanges , Depositories and Custodians

Dear Sir/Madam,

DEPOSITORIES AND CUSTODIANS DIVISION — CIRCULAR NO. 10

 Sub: Participation by Overseas Corporate Bodies (“OCBs”) in the limited two-way fungibility of ADRs/GDRs.

 Please refer to the Operative Guidelines for the two-way fungibility under the “issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme 1993” issued by Reserve Bank of India (“RBI”) vide its circular no. 21 (DIR Series) dated February 13, 2002.

In this regard it has been clarified by RBI that the participation of the OCBs in the above mentioned scheme is being considered by the Government and that it has been decided that the two-way fungibility scheme can be kept on hold for OCBs for the time being till a full review is made. The letter of RBI communicating the above is enclosed.

You are advised to bring the contents of RBI’s letter dated August 26, 2002 to the notice of your constituents.

Yours faithfully,

-sd-

G S REDDY

 Encl.: As above

 True Copy

RESERVE BANK OF INDIA

EXCHANGE CONTROL DEPARTMENT

CENTRAL OFFICE

CENTRAL OFFICE BUILDING

MUMBAI – 400 001

Ref. No. EC. CO.FID(I) 1118/10.1.02.05.01/2002-03 26 Aug. 2002

Shri Piyoosh Gupta

General Manager, FII Division,

Securities & Exchange Board of India,

Mittal Court, B – Wing,

224, Nariman Point,

Mumbai – 400 021.

 Dear Sir,

 Participation by OCBs in the Two Way Fungibility of ADRs/GDRs

 Please refer to your letter no. ITTC/FII/14671/02 dated 2nd August 2002 on the captioned subject. The matter has been considered by the Government and it has been decided that the two way fungibility scheme can be kept on hold for OCBs for the time being till a full review is made. Hence, the scheme can be operated only for foreign investors other than OCBs.

Accordingly you are requested to clarify the position to the participants concerned.

Yours faithfully,

-sd-

(M. R. Rangachari)

Dy. General Manager

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