Allowing an appeal in Securities and Exchange Board of India v Pan Asia Advisors Ltd & Anr, the Supreme Court held that the Securities and Exchange Board of India (SEBI) had jurisdiction to initiate proceedings against an Indian company involved in issuing global depository receipts (GDRs) sold outside India and backed by Indian shares. The court said GDRs can be construed as securities under section 2(h) of the Securities Contracts (Regulation) Act, 1956.
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