What do you mean by Indian Depository Receipt? State the eligibility criterion and conditions for issue of Indian Depository Receipt under SEBI regulations.

Indian Depository Receipts (IDRs) means any instruments in the form of a depository receipt created by Domestic Depository in India against the underlying equity shares of issuing company. Domestic Depository means custodian of securities registered with SEBI and authorized by the issuing company to issue Indian Depository Receipts. Eligibility as per SEBI Regulations An issuing company making an issue of IDR shall satisfy the following: the issuing company is listed in its home country for at least three immediately preceding years the issuing company is not prohibited to issue securities by any regulatory body the issuing company has track record of compliance with securities market regulations in its home country any of its promoters or directors is not a fugitive economic offender. Conditions for issue of IDR as per SEBI Regulations The issue of IDR shall be subject to the following conditions: issue size shall not be less than fifty crore rupees; at any given time, there shall be only one denomination of IDRs of the issuer. issuer shall ensure that the underlying equity shares against which IDRs are issued have been or will be listed in its home country before listing of IDRs in stock exchange(s). issuer shall ensure that the underlying shares of IDRs shall rank pari passu with the existing shares of the same class. The issuer shall ensure that: it has made an application to one or more stock exchanges to seek an in-principle approval for listing of the IDRs on such stock exchanges and has chosen one of them as the designated stock exchange it has entered into an agreement with a depository for dematerialisation of the IDRs proposed to be issued it has made firm arrangements of finance through verifiable means towards 75% of the stated means of finance for the project proposed to be funded from issue proceeds, excluding the amount to be raised through the proposed issue of IDRs or through existing identifiable internal accruals, have been made.