SEBI eases listing norms for IDRs by firms in IOSCO countries

June 16, 2009:

In order to reduce the additional regulatory or cost burden to the issuers, SEBI has decided to simplify the listing requirements applicable to the issuers from the countries which are the signatories of Multilateral Memorandum of Understanding (MMOU) of International Organization of Securities Commissions (IOSCO).

Accordingly, SEBI has drafted a model listing agreement for IDR issuers having its registered office situated in a country, the securities market regulator of which is a signatory to MMOU of IOSCO. With respect to most of the provisions especially Corporate Governance requirements and disclosure of periodical results, the issuer is allowed to follow the home country requirements provided equitable treatment is given to the IDR holders vis-à-vis holders of equity shares.

For the issuing companies from other jurisdictions, the existing model listing agreement for IDRs shall continue to apply till further advice in this regard.

NOTE: IOSCO is recognized as the international standard setter for securities markets. The Organization's wide membership regulates more than 90% of the world's securities markets and IOSCO is the world's most important international cooperative forum for securities regulatory agencies. IOSCO members regulate more than one hundred jurisdictions.

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