New depository scheme from December 15

Indian corporates, both listed and unlisted, would be able to raise money through depository receipts in 34 foreign jurisdictions from December 15.

Notifying the scheme, the finance ministry said any domestic company, both listed and unlisted, and any issuer of permissible securities would be allowed to raise money through depositories.

"The aggregate of permissible securities which may be issued or transferred to foreign depositories for issue of depository receipts, along with permissible securities already held by persons resident outside lndia, shall not exceed the limit on foreign holding of such permissible securities under FEMA," the ministry said.

Under the "Depository Receipts Scheme, 2014", Indian entities can raise money in 34 jurisdictions including Argentina, Australia, Brazil, China, Finland, France, Greece, Iceland, Ireland and ltaly.