Section 390: Offer of Indian Depository Receipts
This section allows the Central Government to create rules for the issuance and management of Indian Depository Receipts.
The section, clause by clause
What the section says
In plain terms
Notwithstanding anything contained in any other law for the time being in force, the Central Government may make rules applicable for—
(a)the offer of Indian Depository Receipts;
(b)the requirement of disclosures in prospectus or letter of offer issued in connection with Indian Depository Receipts;
(c)the manner in which the Indian Depository Receipts shall be dealt with in a depository mode and by custodian and underwriters; and
(d)the manner of sale, transfer or transmission of Indian Depository Receipts, by a company incorporated or to be incorporated outside India, whether the company has or has not established, or will or will not establish, any place of business in India.
The right-hand column is written from the section text, not quoted from it, and it has no legal force. Where the two differ, the left-hand column is the law.
Amendment notes
- 1. Subs. by Act 1 of 2018, s. 79, for sub-section (2) (w.e.f. 9-2-2018).
- 2. The words “with imprisonment for a term which may extend to six months or” omitted by Act 29 of 2020, s. 54 (w.e.f. 21-12- 2020).
- 3. Subs. by s. 54, ibid., for “fifty thousand rupees, or with both” (w.e.f. 21-12-2020).
- 4. Ins. by s. 55, ibid. (w.e.f. 22-1-2021).
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Reproduced from the official India Code print for reference. Check the current text on India Code before you rely on it, and read the section alongside its Rules. Nothing here is legal advice.