NSE IFSC becomes first International Exchange in GIFT City to list American Depository Receipts

Mumbai, Dec 14 (Bureau) NSE International Exchange (NSE IFSC), a wholly owned subsidiary of the National Stock Exchange of India Ltd (NSE) becomes the first International Exchange in GIFT City to list American Depository Receipts (ADRs),with Dr. Reddy’s Laboratories Ltd being the first Indian corporate to do a secondary listing of their ADRs at NSE IFSC. 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.

Vikram Limaye Managing Director & CEO. NSE said ‘’We congratulate Dr. Reddy’s Laboratories Ltd. for being the first to list their ADRs in GIFT IFSC. This has been possible with the unequivocal support of the IFSC authority regulatory team under the leadership of Mr Injeti Srinivas, for issuing the necessary guidelines and approvals within a short duration. 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.’’