Royal X Ltd., a listed company, has issued USD 50 Million Indian Depository Receipts (IDRs). Prepare a checklist for equitable treatment to IDR holders as per the Securities and Exchange Board of India (Listing Obligatio

Regulation 74 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 prescribes Equitable Treatment to Indian Depository Receipts (IDR) Holders. The checklist for the equitable treatment of IDR may be as under: Check if the listed entity's equity shares or other securities representing equity shares are also listed on the stock exchange(s) in countries other than its home country, it shall ensure that Indian Depository Receipts's Holders are treated in a manner equitable with security holders in home country. Check whether the listed entity ensures that for all corporate actions, except those which are not permitted by Indian laws, it shall treat Indian Depository Receipts's holders in a manner equitable with security holders in the home country. Check in case of take-over or delisting or buy-back of its equity shares, the listed entity shall, while following the laws applicable in its home country, give equitable treatment to Indian Depository Receipts's holders vis-à-vis security holder in home country. Check whether the listed entity ensures protection of interests of Indian Depository Receipts's holders particularly with respect to all corporate benefits permissible under Indian laws and the laws of its home country and shall address all investor grievances adequately.