The said certificate should be filed within one month from the close of every calendar year," the Securities and Exchange Board of India (Sebi) said. "A certificate in this regard should be submitted on an annual basis to Sebi by the chief executive officer or equivalent of the ODI Issuer. But the norms have been made stringent in the recent years, following which they have also become less attractive. "ODI issuers shall be required to put in place necessary systems and carry out a periodical review and evaluation of its controls, systems and procedures with respect to ODIs. Sebi has now decided that in the monthly reports on ODIs all the intermediate transfers during the month would also be required to be reported.Besides, ODI issuers will have to carry out reconfirmation of the ODI positions on a semi-annual basis.

Source: Economic Times June 10, 2016 13:54 UTC