DEPUTY GENERAL MANAGER

DEPOSITORIES AND CUSTODIAL CELL

D&CC/FITTC/CIR – 11/2002

October 3, 2002

To

All Stock Exchanges, Depositories and Custodians

Dear Sir/Madam,

 DEPOSITORIES AND CUSTODIANS DIVISION — CIRCULAR NO. 11

Sub: Two-way fungibility of ADRs/GDRs.

 Please refer to the Operative Guidelines on 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 RBI has clarified the following:

1.Certificate regarding non-breaching of sectoral caps to RBI/SEBI in terms of clause e) of the Operative Guidelines shall be submitted by the custodians on monthly basis. This monthly certificate shall be submitted by the custodians by 10th of every month.

2.Monthly report in terms of clause q) of the Operative Guidelines shall be submitted by the custodians to RBI/SEBI in the enclosed format. This monthly report shall be submitted by the custodians both in hard copy as well as soft copy by 10th of every month.

The custodians are therefore advised to ensure compliance of the aforesaid clarifications.

Yours faithfully,

G S REDDY

Encl.: a/a

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