NSE International Exchange, a wholly-owned subsidiary of the National Stock Exchange (NSE) of India Ltd, has become the first in GIFT City to list American Depository Receipts (ADRs) with Dr Reddy's Laboratories 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 will provide global investors an additional venue to transact in their ADRs, said NSE in a statement issued on Wednesday.
Participants holding depository accounts with either of the international central securities depository (Euroclear Bank, Clearstream) or Depository Trust Company (DTC) will be able to transact on these ADRs.
"We are committed to building a vibrant primary market ecosystem, and active and robust secondary market for capital market products at GIFT IFSC," said Vikram Limaye, Managing Director and CEO of NSE.
Injeti Srinivas, Chairman of International Financial Services Centre Authority (IFSCA), said today marks the beginning of delivery-based trading in International Stock Exchange in GIFT City.
"At IFSCA, our vision is to be a leading global financial centre connected to major global markets with a primary focus on India's economic development."
( With inputs from ANI )
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