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    ISAS Briefs

    Quick analytical responses to occurrences in South Asia

    14 : Raising Money in Indian Markets – The Indian Depository Receipts Option

    K. V. Ramaswamy, Visiting Senior Research Fellow at the ISAS

    27 July 2007

    Indias economic growth story is now familiar with a comfortable foreign exchange reserve of over US$200 billion. In this context, if a foreign or a Singaporean company wants to raise money in the Indian stock market how should it go about doing it? The best possible option would be the Indian Depository Receipts (IDRs). They are made simpler now with the issue of a new set of regulations issued by the by the Ministry of Corporate affairs (earlier known as the Department of Company Affairs) on 17 July 2007. IDRs are certificates that represent the shares of a foreign stock.