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Standard Chartered’s Asia CEO Jaspal Bindra and CEO Peter Sands at the IDR launch in Mumbai |
On May 28 Standard Chartered became the first company to successfully issue Indian depositary receipts (IDRs), taking advantage of regulations that had been in place for years but had not been used. These allow international companies to list in India. Although after a slow start to the bookbuilding process the issuance was a success. Sources in India say, however, several key changes are required to the regulation of IDRs before other issuers might be tempted to follow suit.
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