Mumbai: The India International Exchange (IFSC) Limited (India INX), India’s first international exchange based in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) and India International Clearing Corporation (India ICC), are all set for listing and trading of Depository Receipts (DRs).

The International Financial Services Centres Authority (IFSCA), with an objective to develop the financial products and financial services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) has prescribed the regulatory framework for listing of DRs.

Commenting on this, Mr. V Balasubramaniam, MD & CEO, India INX, said, “This is a welcome move and we are all geared up to list and trade DRs. This will enable Global DRs to be listed on India INX at GIFT City and benefit investors from across the globe to look at long-term investment products on Indian equity shares. This will also give a boost to India’s corporate sector as the listed corporates will be able to raise funds through issue of Global Depository Receipts.”

A depository receipt is a negotiable financial instrument representing underlying securities of a company listed in another jurisdiction. The introduction of DRs at the IFSC exchanges will encourage Indian companies to raise dollar-denominated capital and fuel capital formation of the Indian economy.