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All Journal Review of International Economic, Taxation, and Regulations
Sandeep Khakase
Amity University, Navi Mumbai, India
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Depository Receipts in India- Will SEBI Murder It?: Analysis of the SEBI Circulars Dated Oct 10, 2019 and Nov 28, 2019 Regarding Framework for Issue of Depository Receipts Sandeep Khakase
Review of International Economic, Taxation, and Regulations Vol. 1 No. 3 (2025): August
Publisher : CV. Proaksara Global Transeduka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70865/rietr.v1i3.195

Abstract

Depository Receipts (DRs), a structured financial derivative instrument was introduced by the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993. Further, the Depository Receipts Scheme, 2014 (2014 DR Scheme) in consonance with the Companies Act, 2013 and other laws started regulating the DRs. After witnessing several manipulative and fraudulent DR Structures in the last decade, the Securities and Exchange Board of India has debarred and penalised several participants and also imposed strict restrictions on DR issuances by rules and Circulars; “Framework for issue of Depository Receipts” on Oct 10, 2019 and Nov 28, 2019 have purported the same. These Circulars have imposed restrictions on eligibility criteria, DR jurisdictions, etc. making the DRs virtually impossible to issue at reasonable cost. This paper aimed at analysing the 2019 Circulars using doctrinal interpretation and literature review to understand if it’s a beginning of the end of DRs from India.  The paper found that many restrictions were imposed on the DR issuances whereas “Direct Overseas Listing” may rise up as an alternative instrument for unlisted and mid-cap Indian companies to explore international capital market.
Corporate Political Funding in India: A Need for Reform Sandeep Khakase; Manika Kamthan Somthankar
Review of International Economic, Taxation, and Regulations Vol. 1 No. 3 (2025): August
Publisher : CV. Proaksara Global Transeduka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70865/rietr.v1i3.196

Abstract

Indian political parties have been financed largely by companies for their expenses. Indeed, such funding or donations or charities are regulated or governed under distinct laws. In the last decade, India has witnessed several amendments pertaining to corporate’s political funding; some are made in the name of transparency or for other reasons. Despite several claims, existing Indian laws related to political funding are ambiguous and hazy. Hence, there is an immense need to understand the regulatory or legal framework of political funding which is discussed briefly in this article. While discussing corporate donation, there are many questions related to shareholder’s interest: why companies should pay political donations out of shareholder’s money, secondly, how can the board of directors donate shareholder’s money? Lastly, will it be possible to achieve transparency in political funding? This paper aimed to answer these questions, identifying the need for reforms. In this study, a method of prevailing literature reviews and legislative analysis is used. Researcher concluded that donation is taking away a part of profit of a company hence, declines shareholders value. I implies a need to reform the laws including putting threshold of 5%, shareholder’s resolution for donation, removing anonymity created by Electoral Bonds and restricting foreign funding. This paper intended the Indian governments and policy makers to revisit the laws. Though, scope of this paper is limited to India, it has addressed a global concern of political donation.
Co-Authors Manika Kamthan Somthankar