This is consequent to the government’s new Depository Receipts Scheme, 2015, which permits for unsponsored ADRs for the first time. An unsponsored ADR is created by a foreign depository bank without the participation or consent of the issuer/company.
BNY Mellon has confirmed that “it has filed with the US Securities and Exchange Commission (SEC) to establish several unsponsored depositary receipt programmes from India. This decision was made following the recent notification by India’s ministry of finance of the new depositary receipts scheme, 2014, which became effective in mid-December. The new scheme permits, for the first time, unsponsored depositary receipts with respect to securities of Indian companies.”