Section 13(2) in The Companies (Registration of Foreign Companies) Rules, 2014
(2)The issuing company shall not issue IDRs unless-(a)its pre-issue paid-up capital and free reserves are at least US$ 50 million and it has a minimum average market capitalization (during the last three years) in its parent country of at least US$ 100 million;(b)it has been continuously trading on a stock exchange in its parent or home country (the country of incorporation of such company) for at least three immediately preceding years;(c)it has a track record of distributable profits in terms of section 123 of the Act, for at least three out of immediately preceding five years;(d)It fulfills such other eligibility criteria as may be laid down by the Securities and Exchange Board of India from time to time in this behalf.
