Don’t want foreign shares

Sebi has once again kicked up a controversy with its latest ruling on the conversion of Indian Depository Receipts (IDRs) which will impact the market as it casts a shadow on the future of IDRs. In brief, the conversion norms now for IDRs say that they can be converted into shares after one year, provided the IDRs are illiquid, which is defined as annualised trading volumes being less than 5% of listed IDRs. As StanChart has a higher trading value of 48%, it is liquid and cannot be converted.

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