ABSTRACT
This chapter discusses the concept of Depositary receipts (DRs), and the global, and Indian experiences. It lists the nature of a brief description of the different exchanges in the world where Indian DRs. DRs that are issued to investors in the US are generally referred to as American Depositary Receipts (ADRs), while DRs issued to investors outside the US are referred to as Global Depositary receipts (GDRs). DRs could be classified as sponsored and unsponsored DR. Sponsored DRs are those that are issued by an exclusive depositary that is appointed by the issuing firm. The first ADR in history was an unsponsored ADR that was issued by the then Guaranty Trust Company on Selfridge Provincial Stores Ltd. in 1927. Presently London Stock Exchange is the world’s most international exchange with 40% of its listings pertaining to firms based outside the UK. The chapter also presents an overview on the key concepts discussed in this book.
