what is Indian Depository Receipts IDR in the Indian Capital Market
Standard Chartered Bank created history in the Indian Capital Market by becoming the first foreign company to come up with an IDR issue.
This IDR issue prompted me to study the subject the subject.
Standard Chartered Bank’ IDR: First IDR issue in the history of Indian Capital Markets
Standard Chartered Bank (SCB) took about 18 months of planning before coming out.
with its Indian depository receipt (IDR) issue and creating history in the Indian capital markets on May 25, 2010.
SCB had to work out a number of issues in terms of establishing the regulatory framework around the issue,
and obtaining the necessary clearances from the Securities and Exchange Board of India and the Reserve Bank of India.
The biggest challenge was to explain to investors how IDR works and how to make investors think about it as an investment proposition.
In this case, Standard Chartered Bank, Mumbai was the domestic depository,
and it has appointed Bank of New York, Mellon as its overseas depository.