Regulation ‘S’ :
Regulation ‘S’ provides for raising capital through the placement of ADR’s to off shore non
US investors. Section ‘S’ of the SEC regulations permits ADR’s to be issued to individuals
and corporate entities without any restrictions outside the U.S.
This program also operates at level 1. It is also possible for the company to have a
simultaneous GDR issue. Current regulations of the SEC do not permit fungibility between
ADR’s and GDR’s which means that no transfer or trading of such securities is allowed
within the U.S.

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