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Bombay Stock Exchange Ltd., along with JM Financial, KPMG, Standard Chartered PLC, AZB & Partners, BNY Mellon and ETI Dynamics, successfully concluded the first-ever Indian Depository Receipts Road-show in London today. The road-show was part of an endeavour to increase the number of IDR listings in India and address the need of creating awareness among issuer companies in various jurisdictions. It got flagged off in UK, creating awareness among companies, on IDR as a product, followed by an active panel discussion on various aspects of IDR.
Nehal Vora, Head - Planning & Policy, BSE, who represented BSE at the road-show, said on the occasion, “IDRs are an innovative and significant step towards the internationalization of the Indian security markets opening doors for foreign companies to access the Indian capital pool and the growing appetite of Indian investors. It’s a new avenue for future fund raising for companies and target business opportunities in India.”
Neeraj Swaroop, Regional CEO, India and South Asia, representing Standard Chartered at the IDR, said, “Launching the first ever IDR was an important step for Standard Chartered, and has made a step change in both our brand awareness and perception amongst our customer base. India is one of our most profitable and fastest growing markets, and the IDR has undoubtedly made a contribution to this."
Ranganath Char, Managing Director and Head – Capital Market Products, JM financial, said, “It is a well known fact that Multinational companies have always been of special attraction to Indian investors. IDRs provide Indian investors an excellent opportunity to participate in the growth of global companies. The regulators especially SEBI, have been instrumental in laying down a practical framework which makes it easy for good foreign companies to launch an IDR programme while ensuring that Indian investors are provided with adequate and regular information about the company. IDRs will take India and Indian markets to the next level of global integration”
BSE has been a pioneer and innovator of the Indian capital markets. Besides being a proponent and supporter of the launch of the Indian Depository Receipts (IDRs) as a development measure, BSE has also worked closely with the Indian Regulators to put in place a regulatory framework for IDRs.
Standard Chartered Plc was the first IDR to be list successfully in India and BSE was selected as the designated stock exchange for the IDR.
