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Monitor, Don’t Stop GDR Route: J.N. Gupta

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September 19: J.N. Gupta, MD of SES and former ED at SEBI, says a SEBI investigation found that a bank handling GDRs had created paper money and issued the receipts, which is against the norm. Moreover, SEBI had earlier recommended that the proceeds of GDR be kept in Indian banks with branches abroad so that it doesn’t hit a blind trail on the money, which has not happened. “There should be restrictions but one should not stop the route, which may hurt legitimate entities,” he says.