Section 6(5) in The Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004
(5)An Indian party may make direct investment without any limit in any foreign security out of the proceeds of its international offering of shares through the mechanism of ADR and/or GDR:Provided that--(a)the ADR/GDR issue has been made in accordance with the Scheme for issue of Foreign Currency Convertible Bonds and Ordinary Shares (through Depository Receipt Mechanism) Scheme, 1993 and the guidelines issued thereunder from time to time by the Central Government;(b)[ the Indian party files with the designated authorised dealer in Parts I and II of the Form ODI, as prescribed by the Reserve Bank from time to time, full details of the investment proposed.] [ Substituted by Notification No. G.S.R. 489 (E), dated 3.7.2014, (w.e.f. 8.5.2000).]
