Listing of American Depository Receipts (ADRs) at NSE IFSC

Money Control

NSE lists American Depository Receipts at NSE IFSC in GIFT City

Injeti Srinivas, Chairman, IFSCA, termed the event as a historic one and said he expected more and more issuers to use the IFSC platform for raising capital.

9 December 2020

National Stock Exchange of India (NSE) on December 9 announced the listing of American Depository Receipts (ADRs) at NSE International Exchange (NSE IFSC).

A statement by the NSE said that its wholly-owned subsidiary NSE IFSC had become the first international exchange in GIFT City to list ADRs, with Dr. Reddy’s Laboratories Ltd being the first Indian corporate to do a secondary listing of their ADRs at NSE IFSC.

As per the statement of the exchange, the secondary listing of Dr. Reddy’s ADRs at NSE IFSC shall provide global investors an additional venue to transact in their ADRs. Participants holding depository accounts with either of the International Central Securities Depository (Euroclear Bank, Clearstream) or Depository Trust Company (DTC) shall be able to transact on these ADRs.

"We congratulate Dr. Reddy’s Laboratories Ltd. for being the first to list their ADRs in GIFT IFSC. We invite all Indian issuers of GDRs / ADRs to list their depository receipts at NSE IFSC," said Vikram Limaye Managing Director & CEO, NSE.

"We are committed to building a vibrant primary market ecosystem and active and robust secondary market for capital market products at GIFT IFSC," he said.

Injeti Srinivas, Chairman, IFSCA, termed the event as a historic one and said he expected more and more issuers to use the IFSC platform for raising capital through the primary listing and increasing the depth and volume of trading through the secondary listing.

"At IFSCA, our vision is to be a leading global financial centre, connected to major global markets, with a primary focus on India’s economic development," Srinivas said.

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