NSE International Exchange (NSE IFSC) has become the first international bourse in GIFT City to list American Depository Receipts with the listing of depository receipts of Dr Reddy’s Laboratories. The secondary listing of Dr Reddy’s American Depository Receipts (ADRs) at NSE IFSC would provide global investors an additional venue to transact in their ADRs, the National Stock Exchange (NSE) said in a statement on Wednesday. Participants holding depository accounts with either the International Central Securities Depository (Euroclear Bank, Clearstream) or Depository Trust Company (DTC) will be able to transact on these ADRs.
“We invite all Indian issuers of GDRs/ADRs to list their depository receipts at NSE IFSC. We are committed to building a vibrant primary market ecosystem and active and robust secondary market for capital market products at GIFT IFSC,” said Vikram Limaye Managing Director and CEO of NSE. Tapan Ray, MD and Group CEO of Gujarat International Finance Tec-City (GIFT) expects many other investment products such as ETFs and equities being listed on IFSC (international financial services centre) exchanges. “The listing of depository receipts of Dr Reddy’s laboratories Ltd will go a long way in establishing GIFT IFSC as a gateway for inbound and outbound investment of the country,” he said.
Injeti Srinivas, chairman of International Financial Services Centres Authority (IFSCA) expects more and more issuers to use IFSC platform in the future for raising of capital through primary listing and increasing the depth and volume of trading through secondary listing. “At IFSCA, our vision is to be a leading global financial centre, connected to major global markets, with primary focus on India’s economic development,” he added.
