Dr Reddy’s Laboratories has become the first Indian company to do a secondary listing of their American Depository Receipts (ADRs) on the NSE IFSC, a wholly owned subsidiary of the National Stock Exchange, in GIFT City.
In a statement, the NSE said the secondary listing of Dr Reddy’s ADRs on the NSE IFSC will provide global investors with an additional venue to transact in their ADRs. Market participants, who hold depository accounts with international central securities depository (Euroclear Bank, Clearstream) or depository trust company (DTC), will be able to transact in these ADRs.
Vikram Limaye, managing director and chief executive officer, NSE, congratulated DRL for being the first to list their ADRs in GIFT City and thanked the IFSC regulatory authority team for issuing the necessary guidelines and approvals within a short duration.
He said, “We invite all Indian issuers of GDRs as well as 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.”
Trading at NSE IFSC was launched on June 5, 2017, after it had received recognition from regulator Sebi. The NSE IFSC has already launched trading in Indian and global stock derivatives, index derivatives, currency derivatives, and non-agriculture commodity derivatives, along with a wide range of other products.
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