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Sebi simplifies rules for IDR listing norms

Sebi simplifies rules for IDR listing norms
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First Published: Tue, Jun 16 2009. 10 28 PM IST
Updated: Tue, Jun 16 2009. 10 28 PM IST
Mumbai: Capital markets regulator Securities and Exchange Board of India, or Sebi, on Tuesday simplified the listing agreement norms for Indian Depository Receipts (IDRs).
The regulator said in a circular that it has modified the listing agreement to bring down the regulatory cost of the IDR issuers from countries that are “signatories of Multilateral Memorandum of Understanding (MMOU) of International Organization of Securities Commissions (IOSCO).”
According to the draft model listing agreement for IDR, issuers from member nations of IOSCO can follow their home country regulations on corporate governance and other disclosures “provided equitable treatment is given to the IDR holders vis-a -vis holders of equity shares.”
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First Published: Tue, Jun 16 2009. 10 28 PM IST