FOREIGN INVESTMENTS 451
A company may issue IDRs only if it satisfies the following conditions:
(i) Its pre-issue paid up capital and free reserves are at least USD 50 million, and it has had
minimum average market capitalization (during the last 3 years) in its parent country
of at least USD 100 million.
(ii) It has a track record of distributable profits for at least three out of immediately preced-
ing five years.
(iii) It has a continuous trading record or history on a stock exchange in its parent country
for at least three immediately preceding years.
(iv) It has not been prohibited to issue securities by any regulatory body and has a good
track record with respect to compliance with securities market regulations.
(v) The size ...