A depository receipt (DR) is a negotiable certificate denominated in US dollars. It represents a non-US company's publicly traded, local currency (Indian Rupee) shares. Depository receipts are created when the local currency shares of a Domestic Company are delivered to the depository's local custodian bank, against which the depository bank issues DRs in US dollars.
There are generally two types of Depository Receipts:
1. American Depository Receipt (ADR)
2. Global Depository Receipt (GDR)
Characteristics of Depository Receipt
• It is a negotiable instrument
• It is denominated in foreign currency, generally in US Dollar
• It is freely tradable on stock exchange or over the counter
• It is listed on foreign stock exchange
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Advantages of Depository Receipt
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